MANILA, Philippines - Operatives of the Criminal Investigation and Detection Group of the Philippine National Police have arrested in Quezon City one of the principal suspects in the pyramiding scam which had victimized nearly 4,000 people for two years.
Senior Superintendent Albert Ignatius Ferro identified the suspect as Estela Ledesma, 63, of Fairmont Subdivision, Fairview, Quezon City.
In his report to CIDG director Benjamin Magalong, Ferro said Ledesma, who has been in hiding for a decade, was arrested by operatives Friday night during the celebration of her granddaughers' debut in Casa Milan Subdivision, Commonwealth Avenue, Quezon City.
Ferro said Ledesma was arrested by virtue of a warrant of arrest issued by Muntinlupa Regional Trial Court for 10 counts of syndicated estafa with no bail recommended.
Ferro added that Ledesma is one of the principal suspects in an investment scam under the Mateo Group Holdings Co. Ltd. and MMG International Management Group which duped almost 4,000 people from year 2001 to 2003.
Ferro said that based on the verification,there are more than 700 existing warrants of arrest issued against Ledesma by different Regional Trial Courts of Las Pinas, Makati, and Muntinlupa.
Aside from syndicated estafa case, the group of Ledesma was also charged by the Securities and Exchange Commission through the Department of Justice for violation of Securities Regulation Code of the Philippines.
Ledesma allegedly engaged in the buying and selling of securities without proper license and registration as broker, Ferro said.