Police probing P200-M money scam in Ilocos

TUGUEGARAO CITY, Philippines– Police are investigating an alleged double-your-money scheme among Muslim investors in Ilocos Norte, similar to the one that victimized thousands in Mindanao.

Superintendent Jessie Gorospe, Ilocos Norte police spokesman, told The STAR the Laoag City police chief has ordered the investigation.

“This is a similar case that duped several Muslim investors in the south,” he said. “We also warn other potential victims to think twice before being convinced (to invest).”

Reports said an unnamed group has recruited hundreds of investors in Laoag City.

A certain Ahkman Aduma, Muslim Association in Laoag president, has warned his region mates against putting money in the pyramiding scheme, radio reports said.

His members have invested over P200 million in the scheme that promised their capital would be doubled by February 2013, Aduma said.