FORMER Cagayan de Oro City Vice Mayor Caesar Ian Acenas and four others were released from jail yesterday, October 28, after posting bail over estafa charges, the Criminal Investigation and Detection Group-Mandaue (CIDG) said.
Police Major Edwin Lacostales, CIDG-Mandaue City chief said Acenas, and companions Ma. Esperanza Makinano, 34, from Lapasan, Cagayan de Oro City; Arjun Gumban, 26, from M'lang, North Cotabato; Ailyn Hope Matulac, 41, from Green Meadows, Tugbok, Davao City; and Adjetor Daya Jr., 35, from Purok 6, Tugbok, Davao City posted bail worth P120,000 each or a total of P600,000.
They posted bail yesterday after the fiscal resolved to charge them with estafa, which is a bailable offense.
The suspects were arrested last week after more than 10 complainants said they were victimized by an alleged investment scam operated by Acenas and his companions.
Police said Phoenix EA Holdings International, the firm accused of being a scam, allegedly duped P400 million worth of investments from its victims in Mindanao.