32 nabbed for investment scam in Pasig raid

MANILA — Authorities on Thursday arrested 32 persons, including eight foreigners, over an investment scam in Pasig City.

NCRPO head Police Director Guillermo Eleazar said the policemen, together with Internet Fraud Watchdog (IFW) and US Homeland Security, raided the Wilmington Capital Adviser office and Tsaifu Elysium Global Inc. office around 8:30 a.m. in Ortigas, Pasig.

The raid, conducted by operatives of the Regional Special Operations Unit (RSOU) of the National Capital Region Police Office (NCRPO) and Philippine National Police-Anti Cybercrime Group (PNP-ACG), was backed by search warrants issued by Makati Regional Trial Court Branch 143 Judge Maximo de Leon and Branch 63 Judge Selma Palacio Alaras.

Eleazar said the joint operations resulted in the arrest of 32 personalities, including three Americans, three British nationals, a Canadian, an African, and 24 Filipinos, who are directly involved in the investment scam.

Police described the fraudulent investment company as a “boiler room operation, which is a way of solicitation or selling of securities under high pressure sales tactics.”

Eleazar said the targets of the scam are retirees and pensioners, who are enticed to invest in stocks of an alleged security firm.

He said the initial contact with victims they are going after for background check is through the Internet and also through phone calls, to assess the victims’ financial capacity and willingness to invest.

Eleazar also said the suspects’ company is not registered with the Securities and Exchange Commission (SEC).

During the raid, authorities seized several computers, modem routers, VoIP phones, mobile phones and other related documents.

He urged victims to come forward and file a complaint against the suspects.

The suspects will be facing violation of Section 26 of Republic Act 8799, or the Securities Regulation Code. PNA-northboundasia.com