MANILA, Philippines - Five foreigners and five Filipinos are facing charges for their alleged involvement in a 10-year-old scam in which an international syndicate shipped junk instead of scrap metal for which the buyers paid millions.
Director Samuel Pagdilao Jr., chief of the Criminal Investigation and Detection Group, said yesterday the syndicate is headed by two Singaporeans and a Briton based in Hong Kong. He said the other members include Filipinos, Taiwanese and Chinese.
“We believe we’ve done a great job in identifying those involved and establishing bank account and financial activities of the syndicate, which has been operating for about 10 years now and victimized foreign businessmen,” Pagdilao said in a press conference.
He said the CIDG, working with the Anti-Money Laundering Council (AMLC), has frozen 150 personal and corporate bank accounts in 20 banks, though no arrests have been made. Court warrants are needed to open the accounts to determine how much they contained, Pagdilao said.
He named the foreigners charged before the Department of Justice as Singaporeans Ah Chai Teo, alias Aceteo, and Chen Qwee Khai, alias Justin Chang; Taiwanese Huang Chen, alias Patric Hwang; Briton Lim Hoi Chung, alias Ronald Lim; and Chinese Chen Zhi Quiang, alias Jason Tan.
Pagdilao also identified Filipino suspects Romy Diaz-Flores, retired policeman Chief Inspector Guerrero Villacorta, Maryann Vasquez-Basan, Placido Ramos and Janet Villareal.
Pagdilao said AMLC and CIDG investigators identified five shell firms as fronts for Aceteo’s group: Jaijam Metal Trading, Swan Care Metal Trading, Jaired Metal Trading, Milescrap Metal Trading, and Nirvana Metal Trading as well as legitimate firms – Octagen, Maabilidad and Billet – the syndicate allegedly used to launder money.
He said the High Apex Group, owned by Lin Shang Yin, was one of the syndicate’s victims in 2011. Lin filed a complaint with the CIDG, which investigated the case and filed charges against the syndicate’s alleged leaders and members.
He said one victim paid more than $2.4 million for 346 tons of scrap metal but received a shipment of concrete debris. – Cecille Suerte Felipe, AP