OFWs among 300 victims of multi-million investment scam

[SlapHappy]

https://filipinotimes.net/news/2019/03/ ... ment-scam/

Philippines

Mar 11 19, 7:42 am

OFWs among 300 victims of multi-million investment scam
by Staff Report | News, TOP STORIES


Overseas Filipino Workers (OFWs) were among the 300 who fell prey into a multi-million peso investment scam that allegedly promised a 15- to 25-percent return.

The victims gathered in Rizal Park on Sunday morning to call on the authorities to track the suspects behind the scam investment company called Low Profile Summit Marketing, Inc. (LPSMI), reported GMA News.

The mastermind of the alleged fraud was LPSMI President PO2 Michael Ocampo Yap, along with LPSMI incorporators Maria Raissa Yap, Jan Michael Fajardo, Mark Anthony Ocampo, and Eric Melegrito.

A victim told the report that he invested P3.6 million in the company from 2017 to 2018. “Naengganyo kami dahil lang sa pangako niya na ‘yung sa percent,” said the man. “Kilala ko siya [Yap] kasi kasama namin siya dati sa NCRPO [National Capital Region Police Office],” the report quoted the victim as saying.

The five suspects went into hiding after Parañaque Prosecutor’s Office recommended the filing of 15 counts of estafa against them.

In his counter-affidavit filed before the prosector’s office, Yap denied that he lured the investors, saying that he merely borrowed the money to allow him to invest in Wahana Credit and Loan Corp., which is also being accused of being an investment scam.

The four other suspects, on the other hand, said that they were not part of the investment scam initiated by Yap, claiming that LPSMI was a legitimate business engaging in the trade of car parts and accessories, as well as buy and sell of secondhand vehicles.

The suspects have an outstanding warrant of arrest issued by the Parañaque Regional Trial Court in January.