NBI nabs SEC man for extortion

National Bureau of Investigation (NBI) agents have arrested an employee of the Securities and Exchange Commission (SEC) who was caught receiving money in exchange for the speedy registration of a company.

Efren Meneses, chief of the NBI Anti-Fraud and Computer Crimes Division (AFCD), identified the suspect as Michael Pajarillo, a complaint specialist of the SEC and a resident of Bago Bantay, Quezon City.

Pajarillo, who was brought to the NBI headquarters for further questioning, will be charged with direct bribery and violation of the Anti-Graft and Corrupt Practices Act.

Meneses said AFCD agents apprehended Pajarillo at the parking lot of the SEC in Mandaluyong City last Thursday, shortly after receiving P20,000 in marked money from an employee of the Emirates Construction Corp.

Emirates is a local company applying for an increase in capitalization with the SEC.

Meneses said Rafael Sofio who works for Emirates met Pajarillo while following up their company’s application for an increase in capital.

Sofio told Meneses that Pajarillo demanded P100,000 from him in exchange for expediting the processing of their application. The suspect agreed to received P20,000 as initial payment which was set on June 19.

Before the supposed pay-off, Sofio reported the incident to the NBI, which set up the entrapment. – Cecille Suerte Felipe