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 the 2nd Regional Law Enforcement Coordinating Committee (RLECC) –CAR meeting, PSUPt. Virgilio Laya said that they are closely monitoring 31 firms in Benguet, and 22 in Baguio City.
The task force was created by the RLECC last April to protect the public against schemes that defraud them of their money.
To date, as to cases filed against illegal investment companies, Laya reported that a total of 323 cases have been filed against 57 suspects . Total amount of money divested reached Php124,451,252.00, Laya reported.
Laya also reported that at least five personalities involved in investment scam were recently arrested. They are Alfredo Bukiki Tao-ing who was arrested last August 20 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 Jaffar Estrella of Cubao, Quezon City – Manager of ADSHUB.Com Ventures Inc. and Violette Grace Molina from Zamboanga, Sibugay were arrested on July 9, 2015 at Quezon City by detectives of CIDG Benguet by virtue of a Warrant of Arrest issued by Judge Grace P Humiding, Presiding Judge, RTC Br 63, La Trinidad, Benguet.
Also arrested were Eleil Pacumbaba Morales, the manager of Stiforp Trading, who has been 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 are charged for syndicated estafa with no bail recommended.
To help prevent illegal investment activities, members of the Task Force Illegal Investment and Scams recommended for the cancellation of business permits of illegal investment companies, for Department of Justice to fast track resolutions of filed cases and continuous publication of advisory on illegal investment .
The task force is composed of the following: the Securities and Exchange Commission and the NCLCIDU as the 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. /PIA