Branch manager, teller nabbed for estafa

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A BRANCH manager and a teller of a company allegedly engaged in pyramiding scam similar to the Ponzi scheme in Bohol was arrested in Barangay Capio-an, Argao town in southern Cebu past 2 p.m. Thursday, September 1, 2022.

The operatives of Argao Police Station served the warrants for syndicated estafa issued by Judge Glenn P. Pergamino of Talibon Branch 52 that led to the arrest of Renato Autida, 38, married, manager of Organico Talibon branch, and Vincent Bunado, 30, married, branch teller.

Police Corporal John Mark Canonego of Argao Police Station told SunStar Cebu that the suspects have been put on wanted list after being implicated in Organico's investment scheme, which involved the sale of a piglet for P3,600 each, with promised returns of P7,000 after three months.

According to the Securities and Exchange Commission in its website, the company also engaged in crowdfunding activities through the internet where an investor should buy at least 10 shares worth P1,800 each, for a payout of P450 every 15 days or P2,700 in three months.

Canonego said they conducted the operation after receiving information that the two were hiding in Argao after fleeing Bohol.

Canonego said the suspects had reportedly bought a lot in Argao where they built a house and tend a farm before being arrested.

The two, however, denied the accusations against them.

The suspects are now detained at the Argao Police Station and will be facing criminal charges for syndicated estafa.

No bail has been recommended for the temporary liberty of the accused, who are both from Barangay Tanghaligue, Talibon. (GPL, TPT)