AUTHORITIES are going after two prominent junket operators implicated in the laundering of ransom money paid for kidnapped businessman Anson Que, whose body was found last month.

Philippine National Police (PNP) chief Gen. Rommel Francisco Marbil said investigators have traced the P200 million ransom to casino junket groups 9 Dynasty Group and White Horse Club, which allegedly served as financial conduits in a laundering operation that spanned e-wallets, shell accounts, and cryptocurrency platforms.

"This is no longer just about ransom," he said. "This is about cleaning up a system that enables organized crime and threatens our national security."

Marbil said the PNP's Criminal Investigation and Detection Group (CIDG), working closely with the Anti-Money Laundering Council (AMLC), uncovered a "highly engineered" network of money movement designed to obscure the funds' origins.

After being routed through the junket operators, the money was split into at least 10 e-wallet accounts — most under false identities already red-flagged in past espionage-linked probes — before being swiftly converted into cryptocurrency.

"Once those funds entered crypto wallets, they practically vanished," said Marbil. "While blockchain is transparent, the anonymity and speed of these transactions give criminals the upper hand."

Authorities have already frozen around P4.4 million ($79,000) in overseas accounts tied to the operation, but officials admit this is only a fraction of the full amount.

The ongoing investigation aims to unmask the broader financial architecture behind the operation, including possible links to Philippine offshore gaming operators (POGOs) and cross-border crime syndicates.

The case has also taken on political and national security dimensions following President Ferdinand Marcos Jr.'s veto of a bill that would have granted citizenship to Chinese businessman Li Duan Wang, also known as Mark Ong — reportedly tied to 9 Dynasty.

In his veto message, Marcos cited "alarming and revealing warnings" from the intelligence community, a view reinforced by Sen. Risa Hontiveros, who earlier flagged Wang's suspected ties to POGO-linked activities and fraudulent use of multiple taxpayer IDs.

The scandal has exposed gaping holes in the country's regulatory framework, particularly in the enforcement of know-your-customer (KYC) rules across digital financial platforms.

AMLC officials say that some e-wallets used in the transaction had minimal verification requirements, allowing fictitious identities to operate freely.

"This case is a wake-up call," said a senior AMLC investigator who requested anonymity. "We're seeing how financial technology, if left unchecked, can be turned into a tool of national subversion."

Marbil confirmed that the CIDG is preparing to file multiple charges — including money laundering, conspiracy to commit kidnapping, and violation of e-commerce laws — against executives of both junket operations. In parallel, regulators are reviewing the licenses of the companies involved, and more asset freezes are expected in the coming days.

"We will not allow the Philippines to become a haven for financial crimes," Marbil said. "This is the beginning of a full-scale effort to dismantle these networks."

Que, the owner of Elison Steel Corp., and his driver, Armanie Pabillo, disappeared on March 29 after leaving his office in Valenzuela City. Contrary to initial reports that he was abducted while dining in Pasay, CCTV footage and cell phone data showed he was heading to a business meeting in Parañaque before vanishing without a trace.

The following day, a ransom demand for $20 million was sent to his family via WeChat. Despite reportedly paying a total of P200 million in multiple ransom drops, the family never saw Que or Pabillo alive again.

Their bodies were discovered stuffed in a nylon bag and dumped along a remote roadside in Sitio Odiongan in Rodriguez, Rizal, on April 9. Both victims had their faces wrapped in duct tape.