NBI raids networking hub in Lapu-Lapu for alleged pyramiding

By: Paul Lauro - CDN Digital | May 26,2022 - 11:45 AM
NBI raids networking hub in Lapu-Lapu for alleged pyramiding scheme

NBI-CEBDO agents raid and confiscate the equipment of a networking company located at the MTC Shang Bldg. at ML Quezon Highway in Brgy. Pajo, Lapu-Lapu City on Wednesday afternoon, May 25, 2022, for alleged pyramiding. | Contributed Photo via Paul Lauro

CEBU CITY, Philippines – A networking firm based in Lapu-Lapu City is now in hot waters after its owner was accused of allegedly committing fraudulent activities. 

Authorities from the National Bureau of Investigation Cebu District Office  (NBI Cebdo) raided the office of JStore Innovation Worldwide Corp. on Wednesday, May 25, 2022. 

This stemmed from complaints made by several individuals, who claimed to have been duped into putting their money in what turned out to be a pyramiding scheme. 

Agents from NBI-7, during the raid, presented a search warrant issued by Presiding Judge Ruelo Saladaga of Branch 69 of the Regional Trial Court in Lapu-Lapu City.

They seized electronic equipment such as personal computers (PCs) and documents from the company’s headquarters located at MTC Shang Building in Brgy. Pajo, Lapu-Lapu City as evidence.  

Special Investigator 3 Agapito Guerran, who led the raiding team, said they received numerous complaints about JStore Innovation Worldwide Corporation.

Guerran said investors were promised high returns of investment, reaching up to 50 percent. However, the company and its owner, a certain Joil Dela Cerna Ocay, failed to give them their payouts.

Ocay was also the subject of the search warrant but he was not present in his office when the enforcers arrived there. 

Guerran said they invited at least seven employees for further questioning.

He also said they will file complaints against Ocay for violating the Securities Regulation Code.

/bmjo

RELATED STORIES:

NBI-7 warns hoarders of flu medicines, sellers of fake meds

400% increase in scam, fraud entities

Subscribe to our regional newsletter

By providing an email address. I agree to the Terms of Use and acknowledge that I have read the Privacy Policy.
Read Next

Disclaimer: The comments uploaded on this site do not necessarily represent or reflect the views of management and owner of Cebudailynews. We reserve the right to exclude comments that we deem to be inconsistent with our editorial standards.

TAGS: Cebu Daily News, cebu news, JStore Innovation Worldwide Corporation, Lapu-Lapu City, NBI-7, networking, networking firm, pyramiding, raid

Subscribe to our regional newsletter

By providing an email address. I agree to the Terms of Use and
acknowledge that I have read the Privacy Policy.

We use cookies to ensure you get the best experience on our website. By continuing, you are agreeing to our use of cookies. To find out more, please click this link.