MANILA, Philippines - A 25-year-old woman was arrested in Better Living Subdivision in Parañaque shortly before midnight on Monday for her alleged involvement in a P500-million investment scam using the name of the city’s mayor, Edwin Olivarez and his brother, Eric.
Mary Angelaine Libanan and her alleged accomplice, Mark Anthony Martinez, were charged with syndicated estafa for allegedly using the mayor’s name to entice victims to invest their money in city government projects and promising a 20-percent return on investment in 28 days, city police chief Senior Superintendent Ariel Andrade said.
He said Libanan reportedly began soliciting investments for the projects – which did not exist – in May last year.
Martinez remains at large.