NBI nabs businessman in Palawan investment scam

National Bureau of Investigation (NBI) operatives have arrested a man about to stand trial in court for an investment scam in Palawan.

The NBI identified the accused as Encar Cordova, who was collared on Wednesday inside a casino in Pasay City on the strength of arrest warrants issued by Parañaque City courts for estafa and bouncing checks law (Batas Pambansa 22).

Cordova, former president/owner of investment company, I-Top International Trading Corp., allegedly enticed the unidentified complainant and three other relatives in May 2015 to invest P6.1 million in the said company in exchange for high return of investment.

But after several months, the company closed and Cordova was nowhere to be found, leaving hundreds of investors behind.

In 2016, the NBI said Cordova and his friends established another investment company named Innov8 Beauty and Wellness Inc. in Puerto Princesa City.

The company also promised investors with huge returns but after two months of operation, it suddenly closed and the owners were nowhere to be found.

Cordova's cohorts Mark Levonne Geronimo Cortado alias Philip Nemesis Tabing and Kenneth Grones alias Andrew Cruz remain at large while Brylle Dela Cruz alias Jerome Dela Cruz was arrested by the Palawan police. —NB, GMA News