Acting on a tip from the Chinese intelligence agency the Philippine police has arrested 277 Chinese nationals working for online forex and crypto scammers.

The arrests were made in Pasig City - one of the fast growing special economic zones established recently by the Philippine government.

The ride, that took place on September 11th and was lead by Bureau of Immigration agents, targeted the headquarters of Grapefruit Services Inc., which acted as an authorized service provider of Golden Millennial Quickpay Inc. Ltd., an offshore crypto currency company licensed by the Cagayan Economic Zone Authority (CEZA).

Grapefruit Services Inc however was not permitted to act as a securities broker or dealer, or as an investment adviser or investment company.

According to Philippine Immigration Commissioner Jaime Morente the scammers have robed more than 1000 Chinese citizens.

Since last year CEZA has granted licenses to more than 20 offshore companies offering “financial technology solutions and offshore virtual currency exchange”.