2 investment scam suspects fall

BAGUIO CITY, Philippines – Two suspects tagged in a P140-million investment scam in the Cordilleras were arrested by agents of the police Criminal Investigation and Detection Group for Northern and Central Luzon (CIDG-NCL) on Thursday.

The suspects’ arrest brought to 55 the number of persons caught in the Cordilleras by an anti-investment scam task force of the CIDG and the Securities and Exchange Commission.

Villamor Balawag, 42, allegedly ranked fifth in the 10 most wanted persons in Benguet, was caught along with Genevieve Gantas in this city. 

Senior Superintendent Jimmy Catanes, regional officer of the CIDG-NCL, said Balawag was the manager of PC Wellness, which holds office at the Pettersen Building in La Trinidad, Benguet and is reportedly engaged in investment fraud.

The company reportedly started its operation in October 2014 and shut down in March this year. It reportedly divested its 130 investors of some P140 million. 

Benguet Judge Danilo Camacho ordered the two arrested for estafa after their victims filed a complaint against them.

As of Sept. 15, the anti-investment task force said there were 159 multiple estafa cases filed in Cordillera courts against nine companies tagged in investment scam.