THE Office of the Cebu City Prosecutor has indicted four people who allegedly duped seven persons into a fraudulent investment scam similar to the Ponzi scheme.
Prosecutor Ferdinand Collantes found evidence to charge them with violation of Presidential Decree 1689, which increased the penalty for syndicated estafa.
“The factual narration of the complainants showed beyond doubt that it was an established kind of Ponzi scheme,” said Collantes in a resolution.
Named respondents were Maria Victoria Torralba, Jake dela Cruz, Cherilyn Talandron, and Girlie Tolo.
A P40,000 bail was recommended for each of the accused.
The case stemmed from the complaint filed by Dante Gasataya, Hanilyn Sollano, Marisa Jimenez, Merlie Saycon, Jessie Cuyos, Florissa Dano, and Vanesa Vendiola.
Gasataya, a retired Philippine Air Force from Lapu-Lapu City, said the respondents swindled P552,000 from him.
For their part, Sollano invested P302,000; P137,300 for Jimenez; P390,000 for Saycon; P50,000 for Cuyos; and P270,000 from Dano.
The respondents claimed to be engaged in selling cheaper rice to local supermarkets.
The respondents promised the complainants higher profit every month. (GMD)