Operatives of the National Bureau of Investigation- Anti-Fraud Division (NBI-AFD) arrested an investment scam suspect in an entrapment operation in Ermita, Manila, the agency said Wednesday.
In a statement, NBI said the operations stemmed from a complainant who said that the suspect offered him an opportunity to invest in a piggery business.
The complainant said the suspect enticed him to put in P72,000 as pay-in for ten pigs, and with the earning of P28,000 after three months.
He, however, discovered that the piggery business was non-existent, and the suspect has consistently failed to release the supposed profits to other investors.
“Despite this, the suspect has been constantly demanding payment of investment from target investors that prompted the complainant to report to NBI,” the bureau said.
“Further investigation by the NBI-AFD revealed that subject was also the subject of the same investment scheme which defrauded other victims of more than P11 million,” it added.
On August 11, the suspect was arrested by NBI-AFD operatives and was presented for inquest proceedings before the Office of the City Prosecutor of Manila.
He will face charges of estafa and violation of Republic Act No. 8799 or the Securities Regulation Code.—LDF, GMA News
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