Pyramid scam suspects nabbed

The alleged brains of an investment scam and his 12 cohorts were arrested by Manila policemen as they were walking out of the Department of Justice (DOJ) building in Ermita yesterday morning.

Arrested were alleged pyramiding scheme leader Ricardo Sison, a former police superintendent of Barangay Pemiente, Uminga, Pangasinan; Marilou Cabalo of the Philippine National Police-Special Action Force Quarters, Camp Bagong Diwa, Bicutan, Taguig; Lory Odsinada, of ICS Export Inc.; Mirasol Aguilar, of Parang, Marikina City; Tanie Abustan, of Parang, Marikina; Primitivo San Pascual, of Block 9, Lot 33, Sunflower Street, Villa Grande Subdivision, Cupang, Antipolo City; Elizabeth Cervera, of Upper East Kamias, Barangay Sta. Cruz, Antipolo; William Sioson, of Homepoint Subdivision, Marikina City; Mimosa Zamudio, of Parang, Marikina City and Ireneo Sison, of Lopez Quezon.

Police said those arrested were wanted by the Quezon Regional Trial Court (RTC) Branch 220 for estafa and other related offenses.

Emilia Sison, another leader of the alleged syndicate, was arrested last Sept. 23 in Davao City.

According to police the syndicate managed to collect almost P3 billion from 4,000 victims, mostly officers of the Philippine National Police and Armed Forces of the Philippines (AFP). Police said the suspects would lure prospective victims with promises of a 10 to 15 percent return on their money investment.

Police said the syndicate would demand at least P50,000 from their victims as starting capital.

The suspects were arrested by Manila policemen while walking out of the DOJ Building shortly after attending a preliminary hearing of their case. – Mike Frialde