MANILA, Philippines — The National Bureau of Investigation (NBI) has arrested five individuals reportedly involved in investment scams.
The five individuals were arrested during an entrapment operation in Quezon City.
Authorities identified them as Bernie Limpiada and Marvin Ojeda, firm manager Rogelio Fambuena Jr., Glory Ann Pillora, and Sison Inocencio who were alleged owners of Agri-Wealth Farm Ventures, Inc. (Agri-Wealth).
NBI Spokesperson Ferdinand Lavin said the investment scam would offer a 160% return of investment within the period of 100 days with a daily profit ranging from 1.6% to 2.5% of the invested amount.
“This is a scam and we are warning the public. Do not engage, (do) not believe in this kind of scam. The name of the corporation is Agri-Wealth Farm Ventures, Inc,” he said.
NBI Anti-fraud Division Chief Palmer Mallari said an informant, the Securities and Exchange Commissions (SEC), and the Anti-Red Tape Authority reported that the Agri-Wealth Farm Ventures, Inc. is not registered.
It also does not have a secondary permit as a lending company, broker or dealer, and securities for taking investment funds from the public.
“When investors are being invited to attend the investors’ conferences, the investors are made to believe that this is a real, legitimate corporation. Why? There are tarpaulins, there are brochures being distributed, there are offices being presented and officers of the corporation,” he said.
Further investigation stated that the company only began its operations last month and that the victims of the investment scam reached around 50 or close to 100 individuals.
The five individuals have been charged with violations of Sections 8 and 26 of Republic Act No. 8799, the Securities Regulation Code. –AAC (with reports from Dante Amento)