Quezon police warn vs emerging fund scam in Lucena
A SUPPOSED passbook of the D. Abes Infinity Abundance Marketing DELFIN T. MALLARI JR./INQUIRER SOUTHERN LUZON
LUCENA CITY, Philippines—Amid the cries of thousands of investors here who, only last week, lost millions of pesos to an investment racket, another get-rich-quick scheme here has been attracting investors, prompting authorities to launch a scam awareness campaign.
Police are now warning against the operations of D. Abes Infinity Abundance Marketing (DAIAM), coming on the heels of the get-rich-quick scam of South Luzon Multipurpose Cooperative-Grand Alliance of Business Leaders Association Inc. (SLMC-Gabai).
“We have to alert the public to the modus operandi of scam operators. The offer of high interest that is way above the prevailing bank rate should be met with extreme suspicion,” said Senior Supt. Ronaldo Genaro Ylagan, Quezon police chief.
The new high-yielding investment scheme has begun to attract thousands of investors from this city and neighboring towns.
The upstart company used to hold office in the downtown area here but was forced to leave the city last week after Mayor Roderick Alcala refused to give it a business permit.
Three days ago, DAIAM surfaced in a building that once housed a grocery store in Tayabas City, near the Lucena boundary on Maharlika Highway.
The place is guarded by a uniformed security man. Carpenters are busy transforming the space into an office and a display area of assorted merchandise.
Surprisingly, most of its investors are depositors of SLMC-Gabai, which the Securities and Exchange Commission has declared as illegal.
Romy Cresencio, a native of San Andres town, admitted to losing P70,000 to SLMC-Gabai but said he was again taking his chances with DAIAM.
“Who knows, I may be able to recoup my losses in Gabai,” he told the Inquirer in an interview when he visited the new DAIAM office on Wednesday.
He said that unlike the “handwritten system of operations” of SLMC-Gabai, DAIAM’s transactions would be fully computerized.
“There will be no cheating of officials here,” he said.
Cresencio said DAIAM would resume operations once it acquired the necessary permits from the Tayabas City government.
DAIAM investors interviewed by the Inquirer said they were offered a 30-percent interest every eight days for a minimum deposit of P500 and a maximum of P5,000 for every depositor.
Similar to SLMC-Gabai’s investment scheme, DAIAM also offers corresponding “points” based on the amount of deposit. The points earned can also be used to buy assorted merchandise from its suppliers or vendor partners.
It was learned from a SLMC-Gabai official that “D. Abes” stands for Dennis Abes, a former account executive of SLMC-Gabai.
Camille Bautista, SLMC-Gabai technical sales officer, said Abes conceptualized a new investment scheme for SLMC-Gabai but it was rejected by Gabai chair Luzardo Lucido, so Abes left and put up his own group.
Ylagan said he would alert Tayabas officials.
He also ordered all municipal police stations in the province to put up tarpaulins in strategic spots in their towns to warn people against scams.
“We’ve also been actively utilizing the traditional and social media to educate the public,” Ylagan said.
Supt. Allen Rae Co, Lucena police chief, said more victims had come forward to file complaints against SLMC-Gabai. He said an SLMC-Gabai official had executed an affidavit detailing the operations of the group.
He said criminal charges would be filed against the operators of the scam—Lucido, Gabai chair and SLMC administrator; Gerald Joseph Murillo, account manager, and wife Jenelee, chief cashier/logistics officer; and other key officials who continue to hide from authorities.
