Another pyramid scam operator, 10 workers arrested by NBI in Pagadian City

ILIGAN CITY, Philippines—Agents of the National Bureau of Investigation (NBI) arrested on Monday the chief operator and 10 employees of yet another investment scam in Pagadian City.

Norman Decampong, NBI head agent in Pagadian, said by phone that his agents arrested suspected pyramiding scheme operator Glenda Andangan and 10 of her staff members.

Andangan’s staff members were taken in during the 11:30 a.m. raid at the office of Visioner2020 in Mendoza Bldg. in Tiguma, Decampong said.

During the raid, Decampong said they seized 10 handguns, various office equipment and documents.

Decampong said Visioner2020 had no mayor’s permit and operated similarly to Aman Futures.

In fact, some of those in the office at the time of the raid were Aman victims hoping to recoup their investments, he said.

In a report to Justice Secretary Leila de Lima, the NBI said Visioner2020 started operating in August.

Like the scam run by Aman leader Manuel Amalilio, Visioner2020 also promised hefty returns to investors, up to 30 percent of the principal they put in.

It even tried to advertise on the Internet, the Inquirer found out.

Although the website visioner2020.com is still under construction, it provides a peek on how Andangan envisioned her company to operate—harnessing the worldwide web’s power to entice more investors.

A web search of visioner2020.com showed that Andangan registered it on May 13, about three months before she actually started soliciting investments.

Decampong said Andangan and her staff had already been subjected to inquest proceeding for estafa.