CIDG-7 warns public of investment scams during pandemic

Police Colonel Ireneo Dalogdog, chief of CIDG-7

CEBU CITY, Philippines — The Criminal Investigation and Detection Group in Central Visayas is warning the public of investment scams and fraud that has victimized at least a hundred investors in the region during the pandemic.

Police Colonel Ireneo Dalogdog, regional chief of CIDG-7, said this following their recent apprehension and surrender of alleged scammers,  who scammed millions of pesos from several victims, last August.

Dalogdog was first referring to their August 29 operation, wherein they nabbed a certain Nino Jedeiah Ramos, who was allegedly the man behind the multi-million investment scam, Forex Trading Business, which is based in Tagbilaran City.

Accordingly, Dalogdog said that this investment business of Ramos started last 2019, wherein he offers 20 percent interest to all his investors.

Among Ramos’ investors are government employees, doctors, businessmen, and some police personnel from provinces of Bohol and Cebu, and also the National Capital Region.

However, last December 2020, Ramos reportedly left Bohol and closed his office without prior notice, allegedly after hearing rumors that his business was a scam due to complaints from his investors who did not receive the promised return of their capital. Some also said that lines of Ramos are already out of reach.

In January 2021, these investors forwarded a letter addressed to  former Philippine National Police (PNP) chief Debold Sinas, who  also relayed this to the CIDG Bohol Field Unit for immediate action.

A month after, at least six complainants filed a complaint for Estafa against Ramos. This resulted to at least six warrants of arrest issued on May 20.

Dalogdog said that they received information that Ramos was seen in barangay Bartolome in Novaliches, Quezon City.  CIDG  coordinated with the operatives in Quezon City, which resulted to the successful arrest of Ramos last August 29.

According to their latest update in their investigation, at least 45 complainants surfaced aside from the first six complainants. These additional complainants will file a Large Scale Estafa against Ramos, who allegedly swindled around P300 million from his investors.

Dalogdog said that estafa can be considered as ‘large-scale’ when the amount involved is not less than P100,000. Dalogdog further said that on Saturday, September 11, they will be taking the suspect from Quezon City to Bohol province for his proper disposal to make sure that he could not bail from the offenses he committed.

Meanwhile, last August 26, a certain Agustin Fontillas, who claimed to be a pastor, voluntarily went to the office of the National Bureau of Investigation (NBI) in Negros Oriental after receiving several death threats allegedly from his investors.

At least 16 investors lodged complaints against Fontillas, who reportedly swindled around P10 million from his investors. He appealed to his investors to give him ample time to arrange the mode of returning their money.

Lastly, on August 31, Dalogdog said that there are at least 93 investors who lodged complaints against a certain George Villaruel de Jesus and his other cohorts, who could no longer be contacted as this posting after allegedly swindling P22.5 million.

With this, Dalogdog appeals to the public to be careful in entrusting their money.  He said that if an investment offers easy money, there is a big chance that it is a scam.

READ: 11 most wanted individuals nabbed in CIDG-7’s weeklong SACLEO

/bmjo