Lapu-Lapu City in Cebu, Philippines. Photo: Google Maps

A Filipino man was arrested for allegedly stealing PHP500 million (US$9.5 million) from Filipino migrant workers by luring them into online investment scams.

On Wednesday in Lapu-Lapu City in Cebu, Philippines, the National Bureau of Investigation in Central Visayas arrested Ramil Faustino, 29, after a Filipino migrant worker filed a complaint against him, Cebu Daily News reported.

The migrant worker, Abraham Mallari, filed a complaint at the Manila office of the NBI on January 29. Mallari said he lost between four and five million pesos to an investment scam set up by Faustino.

Mallari said Faustino targeted Filipino migrant workers through his online investment scams. Mallari assisted the NBI in arresting Faustino by creating a dummy account and pretended to invest PHP500,000 to Faustino’s online page.

The transaction led to Faustino’s arrest on Wednesday afternoon in a subdivision in Lapu-Lapu City.

Atty. Bernard Dela Cruz of NBI-Manila alleges that Faustino has siphoned off PHP500 million (US$9.5 million) from investments in his scams and has swindled at least 2,000 individuals.

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