A Chinese fugitive wanted in China for economic crimes and for victimizing more than a thousand of his compatriots in a pyramiding investment scam was arrested by Bureau of Immigration (BI) agents under the Fugitive Search Unit (FSU).
FSU chief Bobby Raquepo said Qian Bingxu, 37, will be deported following his arrest last September 16 at a five-star hotel in Pasay City.
‘We will deport him not only because he is a fugitive from justice. He is also an undocumented alien as his passport was already cancelled by the Chinese government,’ Raquepo said, adding that Qian had been hiding in the country since November last year and there is no record that he applied for an extension of his stay as a tourist.
Raquepo said that based on records from the Chinese embassy, Qian was issued an arrest warrant by the public security bureau in Liaoyuan, China where he was charged with illegally accepting deposits from 1,100 people who were promised high returns on their investments.
Qian allegedly persuaded the victims and assured them their money would be returned with interest upon demand. He later absconded with the victims’ funds and fled to Manila.
It was learned that by the time the case against Qian was filed in late 2018, over 80 million Chinese yuan or more than US$12 million of principal investments remained unpaid, thus causing the victims to suffer huge economic losses.
Raquepo said Qian could be sentenced to a maximum jail term of 10 years if convicted of the charges against him.