So many victims

The number of people who have been victimized by pyramid scams has grown to 1.5 to two million, the National Bureau of Investigation (NBI) said yesterday.

"It’s a long way to go with at least 1.5 million to two million individuals fell victim to the pyramid scam," said NBI Director Reynaldo Wycoco of the investigation of the pyramid scam. "We still have to do a lot of work."

Wycoco admitted that they need more time to investigate and file all the cases to ensure the conviction of the suspects in court.

"It’s physically impossible to investigate two million cases in such a short time, but we have made a good beginning by filing a non-bailable case. We have a chance to investigate their other activities while they are in jail," he said.

Wycoco said that the huge number of pyramid scam victims prompted him to form the Pyramid Task Group, which will handle complaints on pyramid scams.

"Most of the bureau divisions are preoccupied with the investigation," he said and advised those in the provinces to band together, get their own lawyers and file a case.

Wycoco earlier said the amount of money lost in the pyramid scams may have gone up to P120 billion, of which Multitel’s Rosario Baladjay accounted for P20 to P25 billion, Ervin Mateo’s Mateo Management Group for P20 to P25 billion and Jesus Tibayan’s Tibayan Group of Companies for P2 to P3 billion.

"The scam has generated a lot of interest. Victims in the past suffered in silence, and just leave it to God," said Wycoco. "But continued efforts by law enforcers have inspired victims to surface and cooperate with the investigation."

He explained the promised returns from investment deals are indeed very tempting: Five percent every month, as against three to four percent a year from banks.

"Even generals invested but the bubble burst," Wycoco said.

Wycoco said the bureau has already secured a warrant of arrest for Baladjay for syndicated estafa, a non-bailable offense, but the NBI chief could not say whether or not there were arrest orders against Mateo and Santos for the same capital offense.– Cecille Suerte Felipe