Pagadian mayor, et al charged with syndicated estafa

Posted at 11/28/2012 4:21 PM | Updated as of 11/29/2012 2:28 PM

MANILA, Philippines - Pagadian City Mayor Samuel Co, his wife Pricilla Ann Fernandez Co and 10 others have been charged before the Department of Justice for syndicated estafa in connection with the alleged pyramiding scam of Aman Futures Group Philippines, Inc. 

Complainants include Samsodin Ala, a businessman in Marawi City; Fabian Tapayan, a resident of Pagadian City; and Norolhaya Taha, Marawi City government employee. 

The complaint was endorsed by the National Bureau of Investigation.

The complainants alleged they deposited P7.89 million under the account of Mrs. Co but failed to produce any cashouts from the principal amounts, including interests, despite repeated demands.

Two photos of Mayor Co with Aman Futures founder Manuel Amalilio were attached to the complaint as evidence.

Also named respondents in the complaint were Aman Futures Group Philippines founder Amalilio and board members and employees namely Fernando Luna, Leila Lim Gan, Eduard Lim; Willaniel Fuentes; Naezelle Rodriguez; Lurix Lopez; Mohammad Hassan Mackno; and Dimasara Jova; and Co's trusted aide, Ian Madarang.

“The total invested principal amount of seven million eight hundred ninety thousand pesos (P7,890,000), deposited under the account of Ilang-Ilang Co (wife of incumbent Pagadian Mayor Samuel Co) failed to produce any cash-outs from the principal amounts including its interests despite repeated demands,” the NBI complaint read.

“Manuel Amalilo and spouses Fernando “Nonoy” Luna and Nimfa Caballero Luna, the principal operators of this dubious business scheme, are nowhere to be found, and have gone into hiding, taking with them the money of their numerous investors,” it added.