20 nabbed for investment scam

MANILA, Philippines — Twenty people, including eight foreigners, were arrested by police in Makati City on Sunday in connection with an alleged investment scam.

The Criminal Investigation and Detection Group (CIDG) operation against those connected with ProCap International Inc. occurred during a company event at a hotel.

The CIDG, in a report, said 12 suspects are Filipinos while five are Singaporeans, two Malaysians and one British national.

Police conducted the raid in coordination with the Presidential Anti-Organized Crime Commission and the Securities and Exchange Commission.

Ex-justice chief as company lawyer

A video of the police operation aired on GMA News on Monday night showed company officials discussing their investment scheme with potential investors when police entered the scene.

Also present during the activity, as seen in the video, was former justice secretary and National Police Commission vice chairman Vitaliano Aguirre II.

CIDG director Maj. Gen. Romeo Caramat Jr. said Aguirre was not among those who were taken into custody as he was in the event as a lawyer of the company.

The group allegedly promised clients high returns on investments.

“They do not tell you that your money will be used through online casinos,” Lt. Col. Joey Caise, officer-in-charge of the CIDG’s National Capital Region field unit, said in Filipino during the television interview.

The suspects were brought to the CIDG at Camp Crame for investigation.

The suspects face complaints for violations of Republic Act 8799, or the Securities Regulation Code, and RA 11765, also known as the Financial Products and Services Consumer Protection Act.