PBA cager files P2-M estafa raps vs 7 in investment scam

Pro basketball player Paul Anthony Artadi, guard of the Barangay Ginebra Kings, filed estafa charges against seven officials of an investment company for allegedly swindling him of more than P2 million. Artadi, a resident of Barangay Balong Bato in San Juan, filed the charges at the Quezon City Prosecutor's Office against the officials of D1st Cell Pawnshop, which has its office at 24 Granada St., Villa Ortigas 2, Barangay Valencia, Quezon City. Heading accused officers were Eugene Ibañez (alias Eugene Co), chief executive officer; and Jeffrey Ibañez, president. Also charged were board directors Kenneth Ibañez, Analyn Caranto, Janice Obra, Nico Abalajon, and Geraldine Eustaquio. In his complaint, Artadi narrated that he learned of the company sometime in October 2006, through an ad he saw in the Buy & Sell newspaper. The company was soliciting funds assuring investors of a 6 to 7 per cent monthly interest on their investment. Artadi became curious enough that visited the company office. It was Eugene Ibañez who entertained him and convinced to invest in the company, saying that a lof of other earlier investors had been satisfied with the interests they had earned. So Artadi invested a certain amount and was was issued an "Investment Certificates" and several postdated checks. During the first year of his investment, the checks issued to him by the company representing interest payments and part of his the capital were always good. Convinced by regular and prompt payment, Artadi made another investment of P2.48 million, for which Jeffrey Ibañez issued seven postdated checks. When Artadi tried to encash the checks, they were all dishonored since the company account had already been closed. Artadi immediately informed Eugene of the situation and demanded the return of his investment. Instead of returning the total amount, Eugene allegedly told Artadi to surrender the seven checks, which would be replaced with new ones. As replacement for the seven checks, Eugene issued 10 new postdated checks signed by Jeffrey with the total amount of P2,479,999.90. When Artadi deposited the first check dated Jan. 28, 2008, with the amount of P247,999.99, it was again dishonored, gain due to the account being closed. Artadi immediately informed Eugene about the bounced check and demanded the return of his money. But Eugene and the other officers refused to do so. Artadi added that he later learned that he was not the only whom respondents have duped into depositing money with their company. - GMANews.TV