Pyramid scam suspect falls in QC subject of 700 arrest warrants

MANILA, Philippines - After more than a decade in hiding, a pyramiding scam suspect – the subject of at least 700 arrest warrants – was arrested in Quezon City Friday, officials said yesterday.

Estela Ledesma, 63, and her group reportedly victimized around 4,000 people at the height of their operation from 2001 to 2003, Criminal Investigation and Detection Group (CIDG) chief Director Benjamin Magalong said.

Ledesma was attending the debut of one of her granddaughters at Casa Milan Subdivision when she was arrested by a team headed by Senior Superintendent Albert Ignatius Ferro of the CIDG’s investigation unit.

Ferro’s team was armed with an arrest warrant for syndicated estafa issued by a Muntinlupa City judge, who ruled that she not be granted bail.

According to Ferro, Ledesma is one of the officials of the Mateo Group Holdings Co. Ltd. and MMG International Management Group that allegedly fleeced almost 4,000 people in an investment scam from 2001 to 2003.

He said they verified that Ledesma is the subject of more than 700 warrants of arrest issued by different courts in Las Piñas, Makati and Muntinlupa.

Ledesma and her group were also charged by the Securities and Exchange Commission through the Department of Justice for violating the Securities Regulation Code of the Philippines by selling securities without a proper license and registration as a broker.

Ledesma chose to remain silent on the charges against her.

Ledesma will be turned over to the Muntinlupa court along with her arrest warrants, Ferro said.