INQUIRER file photo / ALEXIS CORPUZ

MANILA, Philippines – The Bureau of Immigration (BI) has arrested a South Korean national wanted for large-scale investment fraud in his country.

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BI Commissioner Joel Anthony Viado identified the suspect as 35-year-old Chu Hoyong, who was apprehended on Wednesday at his residence on Cruzada Street, Makati City.

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“We were informed that aside from investment scams he is also involved in telecommunications fraud which he possibly operated while staying in the country,” Viado said in a statement on Sunday.

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According to the BI, Chu is the subject of two arrest warrants issued by South Korean courts.

“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,” the BI said.

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The agency added that the Seoul district court issued another warrant in January for a separate fraud case, in which he allegedly swindled victims out of 76.4 million won, or around $53,000, by promising repayment in cryptocurrency.

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READ: 6 South Koreans nabbed for alleged crypto currency scam, larceny 

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According to the BI, Chu is considered a high-value target by South Korean authorities, who suspect him of having ties 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,” the agency added.

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Viado emphasized that Chu’s deportation was a priority so he could be blacklisted and banned from re-entering the country.

Chu is detained at the BI warden facility in Camp Bagong Diwa, Taguig City, pending deportation proceedings.

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