Philippine Global InterGold investors facing life sentence
Last month saw the Philippine SEC issue a cease and desist against Global InterGold.
Alongside the SEC’s warning, criminal charges were also filed against top Philippine Global InterGold investors by the Philippine National Police (PNP).
Details of the criminal case have been thus far sketchy, with specifics of the PNP’s criminal case only coming to light yesterday.
On November 26th and 27th, the Quezon City Prosecutors Office and Manila Prosecutors Office filed two separate Syndicated Estafa cases against Kevin del Mundo Miranda, Ryan Manuit, Charles Juiz Padilla, Raahbel Ymas, John Rafael Calicdan, Jose Victorio Cajita, and Paul Alviar.
For those unfamiliar with the term, Syndicated Estafa is essentially a conspiracy by a group of people (a syndicate) to swindle (commit estafa).
Initial investigation reports estimate that the EmGoldex investment scam has collected at least hundreds of millions of pesos mostly from young working Filipinos and OFWs, the PNP statement said.
“Mastermind Kevin Miranda was also reported to have traveled abroad extensively and has been driving around Manila in a multimillion Ferrari sportscar, among other luxurious vehicles.”
The investment scam, said the PNP, was done mostly online thru Facebook and other social media websites.
Crimes committed in cyberspace and through the use of information and communication technologies are imposed the higher penalties as mandated by the Cyber Crime Prevention Act of 2012, the statement noted.
Syndicated Estafa, a non-bailable offense, is punishable, upon conviction, with life imprisonment.
Authorities in the Philippines began investigating Global InterGold after two complaints were filed by local investors.
The complainants were PO3 Lenin T. Guinit, who filed his complaint in Quezon City, and PO2 Josegelio F. Dayrit III, who filed his complaint in Manila.
Messrs. Guinit and Dayrit related to the Special Investigation Task Group (SITG) how they were victimized by EmGoldex/Global InterGold (GIG) and Prosperous Infinite Philippines Holdings, Corp. (PIPHC).
“Thereafter, both executed their statements accusing above suspects of duping and defrauding them of their hard-earned money by way of illegal offering of securities and online solicitation of investments,” the PNP statement said.
Global InterGold’s only response thus far has been to abandon those charged as an “unscrupulous group”. Global InterGold claim their top Philippine investors misused ‘its name for illegal investment-taking operations‘.
As per Global InterGold’s business model, the scheme solicits investments of €540 EUR investments on the promise of a €7000 EUR ROI.
The only source of revenue into Global InterGold is new affiliate investment.
In addition to Global InterGold’s top Philippine investors being sent to jail,
[M]ore victims have come out and gone to the authorities to file cases against the masterminds,” the PNP said. “The NBI is also expected to file more cases against this investment scam.”
The SEC for its part has brought the EmGoldex case to the attention of the Anti-Money Laundering Council, the PNP said.