NBI files syndicated estafa raps vs. another investment ‘scam’

The National Bureau of Investigation has filed a syndicated estafa complaint against 39 people allegedly connected to another scam posing as a high-interest investment scheme in Mindanao.

The NBI also accused the officers of the Alabel-Maasim Mining Co. (ALMAMICO) and Alabel-Maasim Small-Scale Mining Cooperative (ALAMCCO) of violating the Securities Regulation Code for allegedly engaging in investment activities without authority and license.

The purported credit cooperative solicited money from the public by promising a 35-percent monthly interest, the NBI claimed, citing two private complainants who each alleged they and their subordinates invested tens of millions into the "emerging" investment entity.

"ALMAMICO/ALAMCCO recruits its victim in the guise of a credit cooperative and once a person becomes a member, one should make a deposit in the guise of contribution which would in turn earn interest or profit in such a short period of time," the NBI said, describing the supposed modus operandi.

The alleged promised return is higher than the 30 percent purportedly promised by another controversial corporation, the Kapa Community Ministry International, Inc., whose officers have also been accused of estafa before the Department of Justice. 

"This is a pyramiding investment scam considering that in common and ordinary experiences in life, no business has ever survived and will last in this kind of business setup," the NBI said in the complaint against ALAMCCO.

Founder and chairperson Jerson Cagang and at least five directors were included among the dozens of respondents to the complaint. Cagang and two other officers were placed on the immigration watchlist last June.

The NBI claimed that the crimes were committed from December 2018 to June 2019 at the ALMAMICO/ALAMCCO offices in Sarangani Province, General Santos City, Koronadal City, and Panabo City. — BM, GMA News