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5 nabbed for investment scam in Metro Cebu

By: - Reporter / @nestleCDN
/ 04:05 PM October 23, 2019

CEBU CITY –– Five persons, including a former vice mayor of Cagayan de Oro City, were arrested for allegedly running an investment scam in Metro Cebu.

The Criminal Investigation and Detection Group in Central Visayas (CIDG-7) arrested the persons behind Phoenix EA Holding International Incorporated in an entrapment operation past 10 p.m. on Tuesday in a coffee shop at the North Reclamation Area in Mandaue City.

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Arrested were Ailyn Matulac, 41, a native of Davao City; former Cagayan de Oro City Vice Mayor Caesar Ian Acenas; Arjon Gumban, 26, of North Cotabato; Maria Esperanza Makinano, 34, of Cagayan de Oro City; and Adjetor Daya Jr., 35, of Davao City.

Matulac was pointed as the founder and chief executive officer of the company.

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Police Major Edwin Lacostales, CIDG-Mandaue City field unit chief, said their office has received numerous complaints against the company.

According to Lacostales, the group enticed the public to invest in their company so they would get a 30-percent increase in their invested money in 30 days.

Lacostales added that to avoid being tagged as a scam, the company would give beauty products to investors.

The group also told the investors that their money would be invested in the Foreign Exchange or Forex.

In their investigation, Lacostales said they found out that the group of Matulac has been deceiving investors in the cities of Davao and Cagayan de Oro.

The group has allegedly collected almost P400 million.

“They used to operate in Mindanao, but cases have been filed against them that is why they transferred here in Cebu,” said Lacostales.

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The group then changed its company name to Phoenix EA Holding International, which is not registered under the Securities and Exchange Commission.

“They are not allowed to run an investment company,” said Lacostales.

Former vice mayor Acenas denied allegations he was among the members of the group.

He said he, too, was a victim as he also invested a large amount of money in the company.

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TAGS: arrests, CIDG, Criminal Investigation and Detection Group, investment scam, Local news, Metro Cebu
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