Estafa raps filed vs loan firm officials

January 24, 2020

PHILIPPINE National Police Criminal Investigation and Detection Group director, Brigadier General Joel Napoleon M. Coronel, yesterday announced the filing of criminal charges for syndicated estafa against the incorporators and employees of a loan consultancy company accused of involvement in a highly-fraudulent investment scam.

The official said that the CIDG Anti-Fraud and Commercial Crimes Unit headed by Lieutenant Colonel Bayani Razalan filed charges for syndicated case, violation of Article 315 or estafa under the Revised Penal Code and four counts of violation of Batas Pambansa 22 or the anti-bouncing check law against the accused before the Makati City Prosecutor’s Office on Wednesday.

Charged before the court were Elaine Joy Santos, Marvin Go, Jennifer Liao, Mat Ronald Cortes and Andreas Kraemer, all identified as incorporators and employees of the EMMRJ Loan Consultancy Corporation which was accused of being an investment organization offering a high interest rate return scheme to its investors.

According to Razalan, the charges were filed in the wake of a complaint from one Mary Ann Facun who invested a huge amount of money to the said company after being promised a 15 percent monthly interest rate payable through bank to bank transfer or by issuance of post-dated checks.

Razalan said that after being sweet-talked  by the accused, the victim invested a total amount of P550,000 to the company. However, when she tried to deposit four post-dated checks issued by Santos to her, the checks were not accepted by the drawee bank which said that the account of the issuing company has been closed already.

A verification from Security and Exchange Commission (disclosed that the said corportion has no secondary license authorizing them to solicit funds or money from the general public, the official said.

Razalan said that they found out that the offense was committed on April 22, 2019, July 2, 2019, August 15, 2019 and October 1, 2019 in Makati City.

Following the incident, the PNP-CIDG again urged the public to be  wary of the presence of a number of investment scams in the country, all of which promises higher returns in a short period of time.