Scam suspect preying on cops nabbed

MANILA, Philippines - The alleged head of a pyramiding scam who preys mostly on police officers was arrested by the Makati City police in a sting at a shopping mall in the city on Wednesday afternoon.

According to the Makati police, Peter James Abarico, 26, a resident of San Juan City, was nabbed at a mall along Ayala Avenue at around 3 p.m.

“He would tell his victims that he is a middle man for a government department which is in need of borrowing funds for some projects. He would promise them that their investments would double after five days,” said Makati police chief Senior Superintendent Manuel Lukban.

Lukban said one of Abarico’s investors gave him P50,000, which was doubled when returned. In addition to the doubled amount, Abarico also gave the investor a large LCD television.

“He would return the money he would borrow from his victims exactly after five days,” said Lukban.

The biggest “loan” Abarico got from his victims was P7 million, which he returned to the “investor” as P11 million and a 2014 Mitsubishi Pajero.

“The victims never suspected there was wrong with the operation as their money was returned after five days and the suspect would usually drop the names of his other past high-profile investors,” Lukban said.

He said they would not divulge the name of the government department with which Abarico claims to have connections .

“We do not believe him. He has no other partners working with him. We are not considering his statements,” said Lukban.

Lukban said the victims, mostly police officers and police officials from Quezon City and Taguig, became suspicious when Abarico had failed to return their “investments” and suddenly disappeared.

Lukban said prior to the entrapment, four of Abarico’s past victims attempted to make contact with him and again offered to invest. They sought the help of the Makati police after Abarico agreed to meet them at the shopping mall.

During the entrapment, police also seized from Abarico two .40 caliber pistols and a 9mm pistol. One of the .40 caliber pistols has an expired license while the other two pistols are unlicensed, said Lukban.

Abarico is detained at the Makati police headquarters as charges for illegal possession of firearms and large-scale estafa are being readied against him.