5 nabbed over P124M Cordillera invest scams

53 firms monitored, 323 cases filed vs 57 suspects 

By Maria Aprila Cruz

BAGUIO CITY –  Some 53 investment companies believed to be involved in illegal investment scams are being monitored by the Task Force Anti-Illegal Investment and Scam in the region.

During recent Regional Law Enforcement Coordinating Committee (RLECC) meeting, Supt. VirgilioLaya said that they were closely monitoring 31 firms in Benguet, and 22 in Baguio City.

The task force   was created by the RLECC  April to protect the public against schemes that defraud them of their money.

To date, on cases filed against illegal investment companies, Laya reported total of 323 cases filed against 57 suspects.  Total amount of money divested from victims reached P124,451,252, he added.  

Laya reported five personalities involved in investment scam  were recently arrested. 

They were Alfredo Bukiki Tao-ing who was  arrested recently at Baguio City by  a tracker team of the Hingyon Municipal Police Station by virtue of a warrant of arrest issued by  Judge Romeo U Habbiling of Regional Trial Court, Branch  14, Lagawe, Ifugao.

Jericho Estrella aka Mohammed JaffarEstrella of Cubao, Quezon City  - Manager of ADSHUB.Com Ventures Inc. and Violette Grace Molina from Zamboanga, Sibugay  were earlier arrested  July 9 at Quezon City by detectives of Criminal Investigation Detection Group of Benguet following warrant of arrest issued by Judge  Grace P Humiding, presiding judge, Regional Trial Court, Branch 63, La Trinidad, Benguet.

Also arrested were Eleil Pacumbaba Morales, the manager of Stiforp Trading, who was charged with 11 counts of estafa cases,  and Herminia Pagaduan of Three Angels, a resident of Ambiong, La Trinidad, also charged for estafa.

Tao-ing,  Estrella, and  Molina were charged for syndicated estafa with no bail recommended.

To help prevent  illegal investment activities, members of the Task Force Illegal Investment and Scams recommended cancellation of business permits of illegal investment companies, for   Department of Justice to hasten resolution of filed cases and continuously publish advisory on illegal investment .

The task force is composed of the following: the Securities and Exchange Commission and the NCLCIDU as lead agencies with  the  Bangko Sentral ng Pilipinas, Bureau of Internal Revenue, Bureau of Immigration, Department of the Interior and Local Government, Department of Trade and Industry, National Bureau of Investigation, NICA, Police Regional Office-Cordillera  and  RIU-14 as members.