Philippines stops scam that hit scrap metal buyers
MANILA (AP) - Philippine police said on Tuesday they have stopped a 10-year scam in which an international syndicate shipped junk instead of scrap metal for which the buyers paid millions.
The syndicate operating from the Philippines is headed by two Singaporeans and a Briton based in Hong Kong, said Director Samuel Pagdilao of the national police investigation and detection group.
Other members of the syndicate include Filipinos, Taiwanese and Chinese, he said. The Philippines will seek Interpol help to catch the suspects in other countries once charges are filed in court.
He said the government has frozen 150 personal and corporate accounts linked to the syndicate in 20 banks. Court warrants are needed to open the accounts to determine how much they contain, a process that can take time if the account holders object.