Another investment operator in Davao Norte flees with P500M
DIGOS CITY –– About a hundred individuals sought police assistance in Tagum City on Wednesday, June 19, after the chief executive officer of Titan 29 Marketing allegedly fled with around P500 million in investments.
Police Colonel Ferlu Silvio, Davao del Norte police provincial director, in a telephone interview on Wednesday said investors put in a minimum of P20,000 up to as much as P2.5 million with a promise of “double your money” in seven days.
He said a Ryan Maunes, the founder of the investment scheme, was now at large, including their agents or coordinators.
Titan’s office in Tagum had been closed since June 10, about the same time that the National Bureau of Investigation raided and shut down the offices of the Kapa Community Ministry International Inc.
Silvio said that based on the statements of the complainants, about P500 million had been invested by different individuals to the company.
So far, however, only 13 of the about a hundred that went to his police station have executed affidavits to formalize their complaints.
Silvio said this was the second investment company that fled with investors’ money.
Last week, the provincial police filed a syndicated estafa case against Kennerth Paz Nagas, the CEO of QuestLink Digital Marketing Services, who disappeared with over P200 million in investments from an undetermined number of individuals. Questlink has promised a 500 percent return on investment in just 15 days.
Unlike Kapa, which had been in operation for three years and had been regularly paying out its 30 percent monthly interest to investors until it was shut down last week, Questlink and Titan 29 have yet to pay out interests when their operators ran away with the investments.
Silvio said the Tagum police station has created a Special Investigation Task Force against the two companies to solve the case.
On Thursday last week, a former employee of Questlink surrendered to police, saying he was also a victim of the firm.
Silvio said Christian Estabes, who worked as a coordinator in Questlink, was named as the principal complainant and state witness in the estafa charges filed against the company’s CEO and Rogie Sabando, the operations manager, both of whom are now at large.
Silvio said Questlink did not have an office in Tagum City. It was conducting transactions inside hotel rooms.
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