Businessman loses P4.1 M to con artists

MANILA, Philippines - A businessman lost more than P4 million after he was duped into buying chemical products he was made to believe could convert used oil into diesel.

Jose Endaya, 68, of Barangay Marilag, Quezon City, told police he lost P4,150,000 when he bought “ionic cleansing additives” that supposedly convert refined oil into diesel.

Endaya named Rico Villa, Khalil Swedee, Marivic Sherman, and Ivan Lagahit Sherman as the persons who swindled him, Police Officer 2 Hermogenes Capili said.

Endaya told police he was selling two condominium units when he met Villa about a week ago. Villa, who showed interest in purchasing the units, asked him if he knew anyone interested in buying the chemical products, worth P4 million.

Swedee also asked about the condominium units, Endaya said. The businessman said Swedee asked him if he knew anyone selling the same chemicals, which he was willing to buy for P5 million.

Endaya said he contacted Villa so he could purchase the products. On June 19, Villa made a partial delivery and promised that the rest would follow.

Endaya had issued two checks, payable to a certain Marivic Sherman. The checks were encashed the same day, he said. The following day, Villa’s companion, a certain Ivan Lagahit Sherman, called Endaya to deposit P150,000 more for the delivery of the products, which the complainant did.

The chemicals turned out to be ordinary flour when he inspected them on Friday morning after receiving text messages telling him he was being victimized by con artists, Endaya said.