5 nabbed for investment scam

MANILA, Philippines — Five persons were arrested by the National Bureau of Investigation (NBI) in connection with an alleged investment scam.

The NBI yesterday identified Bernie Limpiada, Marvin Ojeda, Glory Ann Pillora, Rogelio Fambuena Jr. and Sison Inocencio as members of Agri-Wealth Farm Ventures Inc. They were arrested in two entrapment operations on July 21.

The company, reportedly owned and operated by Limpiada and Ojeda, supposedly promised a 160-percent return on investment within 100 days to potential investors.

An informant and officials of the Anti-Red Tape Authority went to the NBI’s Anti-Fraud Division (AFD) earlier in the week to file a complaint against Agri-Wealth.

The company claimed to own a 20-hectare farm in Hagonoy, Bulacan with a high yield of mud crabs and tiger prawns.

The NBI-AFD found that the company had no registration and secondary license as a lending company, broker or dealer of securities with the Securities and Exchange Commission.

The five were presented for inquest proceedings before the Quezon City prosecutor’s office on charges of violating Sections 8 and 26 of Republic Act 8799, the Securities Regulation Code.