Raul Lambino, the ambassador of the Cagayan Economic Zone Potency (CEZA) — the special economic zone that licenses cryptocurrency exchanges operating in the Philippines — has come up under fire for allegations of corruption.

On Feb. 20, The Manila Times published a story citing purportedly leaked from the Philippine National Intelligence Coordinating Bureau (NICA). The outlet claims that Lambino has unexplained wealth in the tens of millions of dollars. According to the NICA report:

"It is now the general belief of many from Pangasinan, especially among provincial political leaders, that Lambino is the most liquid and moneyed government official in the province."

Lambino allegedly misappropriated millions from crypto companies

Lambino allegedly charges each cryptocurrency company applying to operate under CEZA $100,000 for principal licensing fees plus an awarding fee of $100,000. However, the intelligence report purports that Lambino records having only $3,000 in the receipt for these fees, suggesting that he is embezzling the other $97,000.

With 25 cryptocurrency companies operating inside Lambino's CEZA assistants, the report suggests that the administrator has pocketed at to the lowest degree $4.eight million in application and licensing fees lonely.

The study also claims that many companies have gifted ten% of their capital stock to corrupt CEZA officials.

CEZA resource allegedly dedicated to electing Lambino'south family

The NICA study purportedly claims that crypto and gaming companies pay Lambino a weekly stipend, contributing to Lambino'due south illegitimate income of $98,000 each week that is earnt through "various schemes."

Lambino has allegedly funneled the equivalent of tens of thousands of dollars into the electoral campaigns of his family members, and CEZA contracted staff to work on the campaigns. In the Philippines' 2019 midterm elections, Lambino'southward son Mark was elected as provincial vice governor, while his wife Marilyn won equally mayor of Mangaldan.

The report alleges that much of the campaigns' funding was provided past Chinese investors with gaming or cryptocurrency interests.

Lambino is also defendant of squandering his department'due south treasury, with the report claiming that Lambino disbursed $36.4 million in previously unused and unprogrammed funds inside 12 months of taking role. By July 2018, only $ii.7 million remained.

Corrupt crypto regulator catches the travel bug

NICA's report asserts that Lambino has traveled abroad 22 times within a yr, violating a ban on foreign travel for Philippine government officials. "Luxurious travels for the CEZA top management and their platoon of security personnel have go the norm," the written report states.

The CEZA administrator appears to now exist preparing to bid for the Philippine congress in 2022, with NICA speculating that he may feel his time at CEZA is numbered:

"Surprisingly, his activity became bolder in recent months for fundraising despite the pronouncement of PRRD (President Rodrigo Roa Duterte) against corrupt government officials. Obviously he could exist sensing that he volition exist replaced anytime."

The study asserts that Lambino has distributed television sets and groceries as gifts to citizens of the province of Pangasinan to secure support from voters.