Eight foreigners and 24 Filipinos were arrested over an alleged investment scam in Pasig City Thursday morning.

Joint elements from National Capital Region Police Office (NCRPO) Regional Special Operations Unit (RSOU) and Philippine National Police - Anti

Cybercrime Group (PNP-ACG) with the Internet Fraud Watchdog (IFW) and United States Homeland Security implemented two search warrant around 8:30 am at the Wilmington Capital Advisers office in Medical Plaza Building and Tsaifu Elysium Global Inc. office in Pacific Center Building along San Miguel Ave.

The search warrants were issued due to a letter of request from IFW Global Investigation's Chairman Ken Gamble asking for police assistance to investigate alleged transnational crime or Boiler Rooms operated by Owen Lloyd Sterling and his cohorts.

Among those arrested are British nationals Nathan Sterling and Joseph Cristophe; Americans Robert Endrazak, Paul Carnay and Matthew Lyon; Canadian Craig Walt; and Michael Asante from Ghana, Africa.

NCRPO Director Guillermo Eleazar said in a report from the Philippine Star that allegedly most of the group's victims were retirees or pensioners that were coerced to invest up to $65,000.

Eleazar also added that the company of the suspects is not registered with the Securities and Exchange Commission (SEC).

According to NCRPO, Boiler Room Operation refers to large-scale operations used to lure investors to an investment scam.

The 32 arrested suspects, including Owen Lloyd Sterling who is still at large, will be charged with violation of Section 26 of RA 8799 or The Securities and Regulation Code by, with and through the use of Information and Communication Technology (ICT) in relation to Republic Act 10175 or the Cybercrime Prevention Act of 2012.

Police seized laptops, mobile phones, modem routers, identification cards and other documents during the raid as evidence.

The suspects are detained at the NCRPO-RSOU while waiting for the inquest proceedings before the Pasig City Prosecutor's Office. Cristina Eloisa Baclig/DMS