IMMIGRATION agents arrested one of South Korea’s most wanted men who duped hundreds of his compatriots in a multi-million dollar financial pyramiding scam.
Ma Yoonsik was nabbed by BI operatives in Las Piñas City last week. He is the subject of an Interpol red notice.
The Korean Embassy in Manila sought the bureau’s help for his immediate arrest and deported to Seoul to stand trial for large-scale fraud.
Ma is facing arrest warrant issued by the Suwon district court in Korea on Nov. 7 last year for large scale estafa with a maximum prison term of more than 10 years if convicted.
Ma conspired with six other Koreans in establishing a company in Pasay City which operated the pyramiding racket that duped hundreds of victims here and in Korea.
Seoul authorities alleged the suspects swindled many victims who lost an estimated 37 billion Korean won ($32 million) to the scam.
Investigation revealed that Ma and his accomplices enticed the victims to invest in their business by promising huge returns on their purchase of a so-called Hedge bit Coin that actually had no financial value.
Immigration Commissioner Jaime Morente said the Korean was placed in the bureau’s blacklist to prevent him from re-entering the Philippines.