Teacher and Two Arrested in Fraudulent Investment Scheme
Authorities arrested a teacher and two other individuals for their alleged roles in a fraudulent investment scheme, officials reported on Wednesday. The National Bureau of Investigation (NBI) identified the suspects as key officers of an investment firm involved in deception.
Suspects Linked to Growth Synergy Development
The three suspects, Jose Romel Chavez, Jose Dioric Chavez, and Annaliza Javier, were reportedly officers of Growth Synergy Development (GSD), an investment company at the center of the controversy. Sources said Romel Chavez, who also serves as a teacher at St. Anthony College, allegedly exploited his position to persuade students to participate in the scheme.
How the Fraudulent Investment Scheme Operated
Investigators revealed that GSD promised investors unusually high returns in a short timeframe through a computer platform. This platform purportedly allowed users to earn money by completing assigned tasks. Community members noted that the suspects encouraged larger investments by assuring more profitable returns and further incentivized recruitment with offers such as doubling money, commissions, and even salaries.
The suspects operated from an office that appeared legitimate, displaying business permits, Department of Trade and Industry (DTI) registration, and Bureau of Internal Revenue (BIR) documents. This facade helped build trust among victims, as initial payouts were made to establish credibility.
Collapse and Charges Filed
However, after increased investments poured into the scheme, the business abruptly collapsed, leaving investors unable to access their accounts. Officials stated, “Subjects defrauded the victims when they failed to deliver their promise to pay profits and interest on their investment.” Further investigation revealed that GSD lacked a license from the Securities and Exchange Commission (SEC), a mandatory requirement for soliciting investments.
Consequently, the three suspects face multiple charges, including violations of the Revised Penal Code related to Syndicated Estafa, the Cybercrime Prevention Act of 2012, and the Securities Regulation Code. They were presented for inquest before the San Jose, Antique Office of the Provincial Prosecutor.
Victims and Current Status
As of the latest reports, the NBI has received over 95 complaints against the suspects. They remain detained at the NBI Antique District Office detention center pending further legal proceedings.
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