‘Trader-movie producer’ nabbed for pyramid scam in Olongapo
Dinalupihan, Bataan (Wikipedia maps)
OLONGAPO CITY — Agents of the National Bureau of Investigation has arrested the alleged leader of a multi-million-peso pyramid scam that has reportedly duped victims in Northern and Central Luzon.
Jay Rex Armodoval, 38, is described in the police report as a businessman and a movie producer, who has been operating Omni Inc., a multi-level marketing company based in Manila that was established in 2009.
He and seven other people were caught during an entrapment operation carried out by the NBI Olongapo District Office at a restaurant in Dinalupihan town in Bataan province, on Friday (May 12Armodoval and his companions were accused of large scale estafa for luring potential investors to their venture with false promises of lofty regular income and high returns within a 23-day cycle, said Norman Revita, NBI special investigator III.
Revita said Armodoval and his companions had supposedly fooled people into investing up to P150 million.
“The suspects have conned people in Baguio City and Olongapo City. After pooling money from their recruits, the suspects fled and transferred to another location,” Revita told the Inquirer.
“We set up the entrapment operation after validating reports that the company has opened an office in Balanga [town also in Bataan],” Revita said.
Armodoval was caught accepting marked money worth P1 million from an undercover NBI agent during the entrapment.
Authorities also seized an unlicensed firearm and seven live ammunition from Armodoval’s vehicle.
Armodoval and his companions, who denied the accusations, are currently detained at the NBI office here while appropriate charges are being readied against them at the Provincial Prosecutor’s Office in Balanga City. SFM
