Following the arrest of Eleazar Castillo, alleged "chief financial adviser" of the online high-yield investment program (HYIP) FrancSwiss, the Philippine National Bureau of Investigation (NBI) released on July 6 a press release explaining the details of the arrest.
The NBI accused Castillo and nine others, including an American and two Singaporean nationals, of involvement in a large-scale online investment fraud. The arrest stemmed from complaints filed by three Filipino investors against the suspects. Charges of syndicated estafa have been filed against the latter by the NBI.
Full text of the NBI press release after the jump.
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