Another pyramid scam uncovered

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 on 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.

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. /Inquirer