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Manila Bulletin devider Philippines devider Victims of multi-million peso investment scam in Lapu-Lapu City seek mayor's help

Victims of multi-million peso investment scam in Lapu-Lapu City seek mayor's help

Published Jan 25, 2023 05:09 pm

CEBU CITY -- Several residents in Lapu-Lapu City have sought the help of their mayor after they lost millions to an investment that turned out to be a scam.

The person who is allegedly behind the scam is a resident of Barangay Maribago whose wife works at the Lapu-Lapu City Hall.

The identity of the alleged swindler was withheld pending the filing of formal charges against him.

Lapu-Lapu Mayor Junard ‘Ahong’ Chan assured that the city will provide the needed legal assistance to the supposed victims.

“We don’t want that there are people getting swindled. I am really against it,” Chan said during an audience with the complainants in his office on Tuesday, Jan. 24.

Chan directed City Attorney James Allan Sayson to provide legal advice, do a case build-up, and help file a case against the person behind the alleged scam.

One of the complainants narrated that he was convinced to put up P150,000 in a rice trading that the alleged scammer was running.

The capital would earn P150,000 after a month.

Another complainant said he was asked by the same person to invest P200,000 for the same investment.

The complainant said that he had to borrow money to be used as a capital.

Months passed but the promised profit never arrived, the complainants said.

One of the victims said he is now being asked by the money lender to pay the P250,000 that he loaned just so he could join in the investment.

Another complainant said that he was asked to invest P3 million for a 3,000-square meter lot at the South Road Properties in Cebu City that the alleged swindler was supposed to sell to a Taiwanese buyer.

The complainant said he was promised that he will earn 20 percent or P40 millions of his P3-million investment once the lot worth P200 million is sold.

The complainant said his P3-million investment will be used to pay the taxes and processing of the transfer of title.

The other victim borrowed money and invested P3 million for the processing of the sale of the lot.

The complainant said he had to borrow P4.5 million but the promised profit was not realized.

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INVESTMENT SCAM Lapu-Lapu City
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