Popular celebrity couple Mikee Quintos and Paul Salas, alongside seven other victims, have filed an estafa complaint against a cryptocurrency group before the Makati City Prosecutor’s Office. The complaint alleges a violation of Presidential Decree No. 1699, Syndicated Estafa, in connection with Articles 315 and 316 of the Revised Penal Code. The complaint comes after the victims claim to have fallen prey to a cryptocurrency scam, resulting in a collective loss of P8 million.

The Alleged Scam

According to reports, Mikee Quintos and Paul Salas, along with the other complainants, initially invested their funds in the cryptocurrency group. Quintos revealed that they were initially attracted to the investment opportunity due to the promised interest gains after one year.

However, in May 2023, the group reportedly enticed the victims to reinvest, assuring them that their money would double within just two weeks. Trusting these claims, Mikee Quintos decided to reinvest her money, as did the other victims.

Estafa Complaint

The victims have taken legal action by filing an estafa complaint against four individuals connected to the cryptocurrency group. The complaint is based on allegations of Syndicated Estafa, a serious offense under Philippine law. Syndicated Estafa refers to a network or group of individuals collaborating to defraud victims.

Presidential Decree No. 1699, also known as the Anti-Subversion Act, specifically addresses the crime of Syndicated Estafa. It provides legal measures to combat and penalize organized fraud schemes that target innocent individuals seeking investment opportunities.

Investor Caution

This incident serves as a reminder of the risks associated with cryptocurrency investments. While the crypto market can offer substantial returns, it is also susceptible to scams and fraudulent schemes. Potential investors are urged to exercise caution and conduct thorough research before committing their funds to any investment opportunity.

The estafa complaint filed by Mikee Quintos, Paul Salas, and seven others against the cryptocurrency group highlights the importance of vigilance in the crypto market. As legal proceedings unfold, it remains crucial for individuals interested in cryptocurrencies to be discerning and take appropriate precautions to protect their investments.