Double-your-money scam suspect arrested in Davao
Subscribe Now May 13, 2014 at 10:06am
In a statement released Monday, the Philippine National Police-Criminal Investigation and Detection Group (PNP-CIDG) said the suspect, Reynaldo Lu of Minerva Company, was arrested last Friday at Brgy. Sinawilan in Matanao, Davao del Sur.
"The operation was an off-shoot of month-long surveillance operation undertaken by the said detectives in closed coordination with PRO 3 (Police Regional Office 3)," the statement read.
Lu is facing estafa charges for the alleged P200-million scam.
The group's alleged leader, Elvy Mansilangan-Lu, was arrested earlier this year in Bulacan.
"The arrested member of the syndicate had been elusive from the police authorities for several months and he sought refuge in Davao del Sur area to avoid police detection," said CIDG director Police Supt. Benjamin Magalong, referring to Lu.
Aside from estafa, Lu is also facing a separate carnapping case, the police said without elaborating.
The group allegedly promised high returns from the money invested to them, claiming that they have global business operations with foreign depositors.
Minerva Co. started almost the same time as Aman Futures Group Philippines, the police noted.
Two years ago, the Justice Department launched an investigation into the P12-billion investment scam involving Manuel Amalilio's Aman Futures Group, which has reportedly victimized some 15,000 people in the Visayas and Mindanao.
Amalilio left the country after his firm collapsed. The mastermind is currently serving a two-year jain sentence in Malaysia for carrying a fake passport and IDs.
Last week, Amalilio's wife, Abigial Pendulas, was arrested by authorities in Pampanga for syndicated estafa, a non-bailable case. She was identified as the wife of Amalilio even with a supposed nose job.
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