BI nabs 2 South Koreans for duping investors

The Bureau of Immigration has arrested two brothers from South Korea, who are wanted in their home country, for duping investors of more than $370,000 in a fake investment scheme.

Choi Sunghyun, 32, and Choi Sungmin, 35, were apprehended at their house in Mandaue City, Cebu province last Friday by the BI’s fugitive search unit.


BI commissioner Jaime Morente said the two men were wanted by authorities in Seoul for allegedly duping their victims by promising a high return on investment.

“Both siblings are subjects of red notices from the Interpol as they are both wanted by the Korean police for fraud,” Morente said in a statement.


Citing information from the South Korean embassy, the BI said the younger Choi received 360 million won ($338,400) from his victim between February to April 2011.

He allegedly promised his victim that his money would earn three percent in profits if it were invested in the younger Choi’s supposed business.

The older Choi, on the other hand, is wanted for tricking his victims into investing $40,000 in a nonexistent business venture.

But instead of investing the money, Choi Sungmin allegedly used the money to settle his debts with other individuals.

BI fugitive search unit chief Bobby Raquepo said both Chois were overstaying and undocumented aliens, since their passports have already been canceled by the South Korean government.

He added that the Chois, during their stay in Cebu, owned and operated a diving center business in Punta Engaño, Mactan, Cebu.

In 2015, the BI  has issued a deportation order against Choi Sungmin. On the other hand, his younger brother was charged with violating immigration laws before the BI’s board of commissioners.


Morente said the fugitives would be sent back to Korea as soon as the BI board of commissioners issues the order for their summary deportation.

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TAGS: Bureau of Immigration, Cebu province, fake investment scheme, Fraud, Interpol, Jaime Morente, Seoul, South Korea
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