Suspected pyramiding scam head preying on cops fall in Makati mall

MANILA, Philippines - The suspected head of a pyramiding operation that preys mostly on police officers was arrested on Wednesday afternoon by the Makati City Police in a sting operation inside a shopping mall in the city.

The Makati City police said suspect Peter James Abarico, 26, a resident of San Juan City, was nabbed at about 3:00 pm inside a mall along Ayala Avenue.

Senior Superintendent Manuel Lukban, Makati City police chief, said Abarico would convince his unsuspecting victims into lending money with him with the promise of doubling their investments.

“He would tell his victims that he is a middle man for a government department which is in need of borrowing funds for some projects. He would promise them that their investments would double after five days,” said Lukban.

Lukban said one of Abarico’s investors gave him P50,000 which was doubled when returned. In addition to the doubled amount, Abarico also gave the investor a large LCD television.

“He would return the money he would borrow from his victims exactly after five days,” said Lukban.

The biggest “loan” Abarico got from his victims was P7 million which he returned to the “investor” as P11 million and a 2014 Mitsubishi Pajero.

“The victims never suspected there was wrong with the operation as their money were returned after five days and the suspect would usually drop the names of his other past high-profile investors,” said Lukban.

Lukban said they would not divulge the name of the government department which Abarico claims to have connections with.

“We do not believe him. He has no other partners working with him. We are not considering his statements,” said Lukban.

Lukban said the victims, mostly police officers and police officials from the Quezon City Police and the Taguig City Police, got suspicious when Abarico had failed to return their “investments” and suddenly disappeared.

Lukban said prior to the entrapment, four of Abarico’s past victims attempted to make contact with him and again offered to invest. They sought the help of the Makati police after Abarico agreed to meet them at the shopping mall.

During the entrapment, police also seized from Abarico two .40 pistols and a 9mm pistol. One of the .40 pistols has an expired license while the other .40 pistol and the 9 mm pistol are unlicensed, said Lukban.

Abarico is now detained at the Makati City Police headquarters as charges for illegal possession of firearms and large-scale estafa are being readied against him.