Wahana investment scam mastermind nabbed in Rizal

The mastermind of the Wahana Credit and Loan Corporation investment scam was arrested in Rizal on Wednesday, according to a report on "24 Oras."

Ex-Police Corporal Michael Yap, who was wanted for swindling millions from policemen, was arrested by operatives of the Criminal Investigation and Detection Group.

"Maraming nawala sa serbisyo, maraming nag-away na magkakamag-anak dahil dito sa investment scam," CIDG Rizal provincial chief Police Major Dave Anthony Capurcos said.

Yap, meanwhile, said he tried to get the money back but failed to do so.

"Nilagay ko naman talaga 'yong pera sa Wahana. (Hindi ko binulsa) Wala talaga sa'kin. Hindi na nagbigay si Wahana, ako 'yong naipit pero tanggap ko naman," he said.

"Mga biyenan ko nga biktima rin. Nasira nga rin ako," he added.

Yap currently faces 15 counts of estafa. He is now under the custody of CIDG Rizal.

In 2019, over 300 people who said they were victimized by the scam gathered in Rizal Park to call on the authorities to locate the five suspects behind the supposed fraud.

Low Profile Summit Marketing, Inc. (LPSMI) allegedly promised a 15 to 25% return on investment to the investors, who included police officers, soldiers, teachers, and overseas Filipino workers.

In 2018, Yap said there was a problem with funding and promised to pay investors.

However, Yap—along with LPSMI incorporators Maria Raissa Yap, Jan Michael Fajardo, Mark Anthony Ocampo, and Eric Melegrito—allegedly went into hiding.

The victims filed a case against the five suspects at the Parañaque Prosecutor's Office which recommended the filing of 15 counts of estafa.

In its Resolution, the Prosecutor said Yap denied in his counter-affidavit that he lured investors. Yap said he merely borrowed money so he could invest in Wahana Credit and Loan Corporation, which itself has been accused of being an investment scam.—Ma. Angelica Garcia/LDF, GMA News