Galang Nelsa Aquino, a Filipino woman, runs a high-interest exchange company for money transfers from Taiwan to the Philippines and entices international migrant workers to invest through other downlines. She was accused of violating the Banking Act of The Republic of China and was sued for halting the distribution of dividends to investors. She was found guilty of operating a deposit-taking company without a license and was given a five years and eight months jail sentence.
The Taiwan Taichung District Court ruling made note of Galang Nelsa Aquino's exploitation of an unlawful deposit-taking organization to establish a persistent and lucrative criminal business. In order to get unidentified downline investors to invest, Galang Nelsa Aquino gave high-interest exchange plans to several of her downlines, who subsequently shared them on the Facebook social media platform.
A Filipino woman ran a high-interest exchange business illegally and made more than NT$85 million.Photo reproduced from Pixaby
For remittances from Taiwan to the Philippines, Galang Nelsa Aquino offers an exchange plan with a high rate of interest. The length of the trade affects how much preferred currency is exchanged. The exchange rate is more beneficial the longer the duration. There will be an extra cost for each transaction, which can be anywhere between NT$200 and NT$300. To entice investors to invest, Galang Nelsa Aquino would occasionally tweak the high-interest exchange program's content.
Galang Nelsa Aquino initially only transferred money to investors via international money transfer providers like EEC and PINOY EXPRESS or from her Philippine bank account. She hasn't sent the investors any money, nevertheless, since September 2019. Later, the investors became aware of the anomaly and made a police call.
