Business

CIDG hunts down 5 execs in P300M Shantal forex scam

CEBU CITY – The Criminal Intelligence and Detection Group (CIDG) in Central Visayas is now tracking down the five executives of a foreign exchange firm in General Santos City that allegedly defrauded its several investors.

CEBU CITY – The Criminal Intelligence and Detection Group (CIDG) in Central Visayas is now tracking down the five executives of a foreign exchange firm in General Santos City that allegedly defrauded its several investors.

Maj. Allan Tolosa, chief of CIDG-7, on Thursday said a manhunt has been launched for Kirby Adrian Adolfo, Maria Corazon Adolfo, KathryneAnn Adolfo,
Johnrell Revilla, and Godwin Garciano, all officers of Shantal Business Center and Forex Trading Corporation.

Authorities had earlier arrested John Rafael Revilla alias “Shantal”, 36, of Calumpang, General Santos City, in a village in Argao town, south of Cebu on the strength of a warrant of arrest for a syndicatedlarge scale
estafa case before Judge Renato Tampac of Regional Trial Court Branch 59 under the 11th Judicial Region.

Revilla will be transferred on Thursday to General Santos City while a copy of the warrant will be presented to RTC Branch 59 for its proper disposition.

“Let’s not discount the possibility that his other colleagues are still in Central Visayas. His colleagues in the Shantal Business Center are also his relatives,” Tolosa said.

The case against the forex company stemmed from a complaint filed by 32 investors who asked the help of the National Bureau of Investigation (NBI) after they reportedly lost a total of P302 million in investments in the Shantal Business Center.

“I advise the victims of Shantal to report to the Philippine National Police so that they can get justice. To the would-be victims, please be extra careful the next time you like to invest your money, you should have assurance. They are sometimes deceiving,” Tolosa said.

Revilla told reporters that his company has been paying taxes and has documents to prove that they are a legitimate business center.

However, he said giving of payouts to their investors failed following the issuance of a warning from the Securities and Exchange Commission on the so-called Ponzi scheme.

Revilla apologized to his investors but asked them to give him a chance to return their money with an appeal to his colleagues to surrender so that they can work on giving payouts. (Ramil V.Ayuman/PNA)

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