Church pianist runs away with P10-M in ‘double-your-money’ scam

Church pianist runs away with P10-M in ‘double-your-money’ scam

By Junex Doronio
January 25, 2023

Investopedia infograhic courtesy

LAPU-LAPU CITY, Cebu – Who would have thought that a church pianist for 27 long years who seemed “too blessed” with a luxurious lifestyle would rob several people blind of some P10 million?

On Tuesday, January 24, some of the victims sought the help of Mayor Junard “Ahong” Chan.

They alleged that the suspect, whose name was withheld, has enticed them to invest money in rice and lot selling, among others, with the assurance that they would get double the amount they invested after a month, wy back in August 2021.

At first, they believed that it was true since the suspect was consistent in giving them their ROI or “return of investment” for the first three months.

Until the suspect asked them to buy his supposed 3,000 square-meter-lot at the South Road Properties (SRP), which he claimed he was bound to sell to a Chinese buyer.

The suspect asked them for money to process the papers for the lot and promised that they would get at least 20 percent of the total amount of the sale through a memorandum of agreement.

But the suspect failed to show them proper documents.

Lawyer James Sayson, City Legal Officer, said the mayor has instructed him to help the victims and they are now in the process of a case build-up.

The Securities and Exchange Commission (SEC) has long reminded the public not to fall for the common tactics con artists use to attract investors, such as having too-good-to-be-true promotional campaigns, testimonials, putting urgency in investing money, and promises of “getting rich quick.”

It can be recalled that on May 24, 2022, then President Rodrigo Roa Duterte signed into law Republic Act 11765, or the Financial Products and Services Consumer Protection Act, penalizing any person who commits investment fraud with a fine of P50,000 to P5 million, or seven to 21 years of imprisonment, or both, at the discretion of the court. (Amado Inigo / MTVN)

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