Boss in scam of Baguio City folks in La Union

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. 

Vargas denied absconding with the victims’ investment