The Cagayan Economic Zone Authority (CEZA) suspended the license to operate of Golden Millennial Quickpay Inc. Ltd. (GMQ) and its authorized service provider, Grapefruit Service Inc., pending an investigation on the investment scam allegedly being conducted by the company.
Last week, 277 employees of Grapefruit were arrested by joint operatives of the Bureau of Immigration-Fugitive Search Unit and Philippine National Police for allegedly engaging in an investment scam that lures Chinese investors.
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