Virtual currency firm faces probe over alleged misrepresentation

MANILA - The Department of Justice (DOJ) has ordered an investigation into virtual currency firm Digital Currency Co. Ltd. (DCC) after it allegedly used Senate President Aquilino "Koko" Pimentel III's name to attract clients.

In a department order issued Thursday, Justice Secretary Vitaliano Aguirre II directed the National Bureau of Investigation (NBI) to "conduct investigation and case build-up over the alleged misrepresentation committed by Digital Currency Co. Ltd. and Mr. Boy Joven in their virtual currency venture ‘Philippine Global Coin,’ or such other securities or products, and if evidence so warrants, to file appropriate charges thereon.”

In a statement released Monday, Pimentel denied that he is affiliated with the firm.

"There is no partnership between me and DCC, or the Senate and DCC. I met with these people as a matter of courtesy to visitors. I am shocked at their bold claims of an agreement between us using pictures that politicians normally have with visitors," the statement read.

He warned overseas Filipino workers to "be wary of those who use the names of government officials and institutions in investment schemes."

"The government will never engage in activities that will profit off their sacrifices and hard work. Always check with the Philippine Embassy to verify individual claims of this nature," he said.

DCC officials have yet to issue a statement regarding the issue. --report from Ina Reformina, ABS-CBN News