Suspect in P130 million Ponzi scheme arrested in QC

MANILA, Philippines — The owner of an investment firm, who allegedly defrauded investors of P130.5 million, was arrested in Quezon City recently, Philippine National Police (PNP) chief Director General Oscar Albayalde announced yesterday.

Margarita Huang, alias Irma Pascual, was apprehended at a condominium last Thursday. She is facing 12 separate estafa cases pending before three courts in Quezon City and Makati.  

Albayalde said the cases stemmed from at least 423 “bouncing checks” amounting to P130.5 million that she and her husband Gary allegedly issued to 29 investors in a purported lending business in 2016.