An illegal investment firm that allegedly victimized many Ilocanos here faces charges of syndicated estafa (swindling) in violation of PD 1689, RA 8795 and anti-bouncing check law, the National Bureau of Investigation said.
NBI agent Gerald Butale assigned in Ilocos Norte said the suspected investment scammer operated using an office at Unit 205 National Life Bldg. Upper Session Road in Baguio City.
He said the alleged scammer offered to the victims a 10% monthly interest for every money invested in the firm.
At first, the firm was prompt in giving regular interest until the investors-victims lost contact with the firm’s officials and staff like ignoring their calls.
Most of the victims include teachers, doctors, businessmen, policemen, and other professionals in Ilocos Norte who went to the local NBI office here to lodge their complaint.
A police officer, for instance, invested more than P1 million cash, the report said.
It added that the policeman received regularly his money interest in good checks during the past months but for the recent months of September and October, the firm’s issued to him alleged bouncing checks. (tri-media report)