Suspect and his accomplices took P20 million from 20 investors: NBI
AN ALLEGED night market investment scammer victimizing police officers and Fraternal Order of Eagles members was arrested on Monday night.
The National Bureau of Investigation-Southern Eastern Mindanao Regional Office(NBI-SEMRO) identified the suspect as Jovanni Uy Faustino. He was presented during the press conference at its office along J.P. Laurel Avenue on Tuesday, May 9.
NBI XI director Lawyer Archie Albao said the suspect has already scammed P20 million from 20 investors who sought help from their agency.
Albao said the suspect received the P1 million marked money in an entrapment operation.
“Somebody called me, a businessman in Davao, and he was victimized by this respondent with P500,000. The businessman said he will file a case,” Albao said.
Accordingly, the night market scam invited victims to invest with 40% returns, said NBI XI spokesperson Elias Leañio Jr.
Leañio said the suspect is also a member of the Fraternal Order of Eagles, which he used to his advantage by targeting fellow members and law enforcers. He said Faustino promised victims they would get their share interest after a month, a classic pyramid scheme.
The victims managed to get their money in the first three months, but the suspect went missing after the fourth month. He started the pyramiding scam in 2022.
Agents also believed the suspect has accomplices, including his partner and four other identified individuals. However, he declined to give their names since they are still at large.
“We are now giving information to the Securities and Exchange Commission (SEC) if they are registered,” he added.
Head agent Vicente Essex Minguez also said they would be filing a case of syndicated estafa against five or six members of the group.
“Based on our surveillance monitoring, they are still in Davao region,” he further said.
Albao reminded the public to be cautious about investments with unrealistic returns.
