NBI nabs UK swindling suspect

The National Bureau of Investigation (NBI) said yesterday a British businessman wanted for large-scale swindling in the United Kingdom in the mid-90s has been arrested in Lapu-Lapu City, Cebu.

George Steen, involved in the commercial financing trade, sought refuge in the Philippines after allegedly defrauding his countrymen of millions of British pounds.

NBI Assistant Director Lolito Utitco presented Steen to reporters yesterday at the NBI main office in Manila following his arrest by a joint team of NBI and the immigration agents in Lapu-Lapu City on June 10.

"Steen’s offense in UK is a version of pyramid scam here," Utitco explained.

By virtue of a mission order, NBI-Central Visayas Regional Office chief Reynaldo Esmeralda apprehended Steen on board his BMW sedan (GKD-400) in Lapu-Lapu City.

Esmeralda said the mission order was based on the warrant of arrest issued by the UK court in connection with large-scale international fraud.

NBI Director Reynaldo Wycoco earlier received earlier a request from Durham Constabulary in Great Britain to arrest Steen.

According to Esmeralda, Steen received "administration fees from applicants and investors to his firm — Peninsula Holdings-Philippine Finance, which he set up along with his partners in 1994.

In return, Steen’s firm promised loan packages to investors, which never materialized, prompting clients to file a criminal complaint with the British court.

In 1997, Steen went to the Philippines and married a Filipina.

Esmeralda said Steen has no valid passport and other travel documents, prompting the authorities to consider him as an "undocumented alien." Steen is now in the NBI custody but will be turned over to BI for proper legal proceedings.

Steen has denied the charges.