SAN
FERNANDO CITY, La Union -- An alleged operator of a Laguna-based firm engaged
in a pyramiding scam was arrested here last week.
Lorenzo
Vargas, who reportedly operates the New Business Opportunities (NBO) Calamba
City, was arrested based on separate warrants issued by Judge Cecilia Corazon
Archog of Baguio Regional Trial Court for two counts of estafa.
Vargas’
arrest came after several Baguio residents filed a complaint against him.
Investigators
said Vargas lured the victims to invest their money in his company in exchange
for high interest rates.
The
company has reportedly duped residents in Batangas, Laguna, Pangasinan, Rizal and
in Metro Manila.
In August
last year, the NBO stopped paying its investors and Vargas went into hiding.
Hundreds
of Vargas’ alleged victims flocked to this city to confront him about their
money.
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