A COUPLE filed a case against two brothers, whom they believe duped them to fund a lavish lifestyle.
In an exclusive interview with SunStar Cebu on Wednesday, February 28, 2024, Osman Sulaiman and Marie Mercado, a couple residing in Talisay City, Cebu, alleged being victims of fraud by Rainier and Reeve Jumawan.
UPDATED STORY:
The couple asserts that a P7-million loan extended to the Jumawan brothers was misappropriated.
The saga began in January 2023 when Sulaiman and Mercado were approached by Rainier, their former neighbor, proposing a loan for business purposes.
Reeve was introduced subsequently, and after negotiations, the couple provided the loan around mid-February 2023.
Events took a legal turn, however, when a warrant of arrest was issued against Reeve on April 19, 2023, for allegedly forging a former client's signature to secure a bank loan.
The couple admitted to being unaware of Reeve's legal troubles initially.
"At that time, I didn't know they were going to have a case," said Sulaiman.
Upon discovering Reeve's case through news sources, Sulaiman confronted the Jumawan brothers, who assured him it was a minor issue. The couple was then paid P3 million.
When Sulaiman then asked for the remaining balance, they were given two checks, each worth P2 million for a total of P4 million.
But when the couple attempted to cash the checks provided by the Jumawan brothers, the checks bounced due to a closed business account.
"They closed the account," said Sulaiman.
In May 2023, Reeve and Rainier issued a promissory note stating that if the principal amount of P7 million is not fully paid by June 30, 2023, a charge of eight percent interest will be accrued each month.
In October 2023, a formal demand letter was sent to the Jumawan brothers.
"Demand is hereby made upon you to pay the amount of P4,060,000 within 10 days from receipt of this letter. Kindly comply with this request; otherwise, we will be compelled to initiate legal action, including civil, criminal, or administrative proceedings against you in court," the demand letter stated.
At the time the demand letter was sent, a warrant of arrest was issued against Reeve, but he could not be located.
The couple then sent a final demand letter in February 2024.
Despite formal demands for repayment and the issuance of a warrant against Reeve, the Jumawan brothers failed to comply.
Sulaiman and Mercado alleged collusion between the brothers to defraud them and asserted that Rainier was aware of Reeve’s case.
They highlighted Rainier's apparent luxurious lifestyle and acquisition of expensive assets despite outstanding debts.
"So I think they colluded with each other to defraud me," said Sulaiman.
Sulaiman said they trusted Rainier as he was their neighbor and they saw the cash flow of Megapillar Trade and Construction, the company allegedly affiliated with the brothers.
Rainier was last contacted by the couple around the first week of February, and he asked them not to file any criminal charges.
But since Rainier was unable to pay the remaining balance, the couple filed a case against the Jumawan brothers.
Their primary objective is to recover the loaned amount and caution the public against similar fraudulent schemes.
"I don't want them to go around again and [defraud] people who don't know the situation," said Sulaiman.
Sulaiman said Rainier is living a luxurious lifestyle as he was able to acquire two pick-up trucks worth millions.
Sulaiman said that he even asked Rainier to get one of his vehicles as collateral, but Jumawan did not respond.
"It doesn't make sense that you owe me P4 million and then you have luxuries and then you can go on holiday. Did you really want to repay us?" said Sulaiman.
SunStar Cebu tried to contact Rainier and Megapillar Trade and Construction for a statement but to no avail. (RJM)
