NBI arrests 2 crooks – Manila bulletin


Two people have been arrested by the National Bureau of Investigation (NBI) for deceiving nearly 3 million PPAs from their victims in an investment scam.

NBI Director Eric Distor identified the suspects as Shagoptha Bashir Khan Punzalan and Rosenda Mohammad Jimenez.

The two men were arrested during a trapping operation carried out by the NBI’s Organized and Transnational Crime Division (NBI-AOTCD) on August 14 in Manila.

After their arrest, the suspects were presented for investigation to the Manila Prosecutor’s Office for estafa in violation of the Revised Penal Code (PRC) in relation to Republic Law 10175, the Cybercrime Prevention Law of 2012.

The NBI said in a statement that the operation was carried out on the basis of complaints from victims of the duo.

“According to the complaints, Subject Sha prompted them to invest in his Cash Energy (payday loans) services with the promise of high interest returns in just a matter of weeks,” the NBI said.

“The plaintiffs invested a total amount of P 2,870,000.00 with relevant documents recognized by Sha,” he added.

After giving their investments, the victims received bank checks as a guarantee of return.

“Most checks bounced for reasons they were drawn on a closed account,” the NBI said.

Realizing that they had been deceived, the NBI said the victims had demanded reimbursement of their investments but that “Sha was unable to deliver or reimburse the amounts owed to the plaintiffs.”

The NBI also received a certification from the Securities and Exchange Commission (SEC) which showed that no registration had been granted to Cash Energy (Payday Loans) Services as a corporation or as a partnership.

In addition, the entity has not received a secondary license as a loan company, securities broker or trader, dealer in government securities, investment advisor of an investment company, investment house and transfer agent.

Punzalan also had no record of receiving a certificate of registration as a registered associate, compliance officer, salesperson and certified investment lawyer from a stockbroker, investment house, underwriter, investment firm advisor and mutual fund distributor.



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