2 suspects in ‘illegal investment scheme’ arrested in Laoag

MANILA, Philippines — Two suspects allegedly involved in an “illegal investment scheme” were arrested in an entrapment operation in Laoag City, Ilocos Norte, the National Bureau of Investigation (NBI) reported Thursday.

According to the NBI, its Laoag District Office, in coordination with the Securities and Exchange Commission (SEC) Laoag Extension Office, conducted the operation in Brgy. 25 on Wednesday.

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After conducting surveillance, NBI agents went to the area, acted as “poseur investors,” and handed P100,000 to the suspects in exchange for an investment contract, leading to their arrest.

The two individuals were presented for inquest proceedings before the Laoag City Prosecutor’s Office for allegedly violating the Securities Regulation Code or Republic Act 8799.

According to the NBI, the arrest stems from the SEC request “after receiving information that Aura Financing Corporation was offering investment opportunities without proper registration or authority to solicit investments from the public.”

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NBI Director Melvin Matibag said the agency is in coordination with the SEC and “remains relentless in its efforts to protect the Filipino people from financial predators.”

“We urge the public to remain vigilant and always verify the legitimacy of investment offers before parting with their hard-earned money,” he added. /mcm