ABS-CBN
Woman arrested for illegal investment scam targeting military pensioners
An NBI entrapment operation in Quezon City led to the arrest of a widow suspected of running an illegal investment scheme targeting military pensioners.
The suspect allegedly used her company to offer pension release facilitation services and then instructed pensioners to invest a portion of their released funds.
Victims reported substantial financial losses, with one retired Navy personnel losing approximately P1.3 million and another losing P20 million.
The scheme involved recruiting investors to finance loans for supposed retired soldiers, collecting processing fees, and misappropriating the proceeds while providing minimal returns.
One victim, Retired Commander Bernard Jacob of the Philippine Navy, lost most of his retirement money after being convinced by an agent to invest while waiting for his pension.
Retired 2nd Lt. Napoleon Ostil, 75, borrowed P500,000 and invested it after being promised a 10 to 15 percent monthly return.
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