The Bureau of Immigration (BI) announced the arrest of a South Korean man wanted by authorities in his country for involvement in fraudulent investment scams.
The fugitive, 35-year-old Chu Hoyong, was arrested last Wednesday at his residence along Cruzada St. in Makati City by operatives from the BI’s fugitive search unit (FSU) headed by Rendel Ryan Sy.
Chu was arrested on the strength of a mission order that he issued at the request of the South Korean government which reported his presence and illegal activities in the country.
Aside from investment scams, he is also involved in telecommunications fraud which he possibly operated while staying in the country.
Sy said the Korean is subject of two arrest warrants issued by the courts in Korea where he was indicted for perpetrating fraudulent schemes that preyed on many of his compatriots.
Chu’s deportation is a priority so he may be blacklisted and banned from re-entering the country.
BI-FSU chief Sy disclosed that Chu was issued an arrest warrant by the Bukbu district court in Seoul on April 12, 2022 after he was accused of committing fraud by providing worthless collateral for loans he obtained from victims whose combined losses amounted to 2.26 billion won or roughly US$1.4 million.
Another warrant was issued against him by the Seoul district court on January after he was charged with another fraud case for allegedly swindling victims who were duped into lending him more than 76.4 million won or around US$53,000 on the promise he would repay them with cryptocurrencies.
Sy said Chu is regarded as a high-value target by the Korean authorities who suspect him as having links to telecom fraud syndicates operating in the Philippines.
A check of his travel record showed that he is already overstaying as his last arrival in the country was on March 13, 2022.
He is currently detained at the BI warden facility in Camp Bagong Diwa, Taguig City pending deportation proceedings.
