DOJ probes another investment scam in Mindanao [1]

ABS-CBNnews.com | 11/17/2012 8:28 PM

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MANILA, Philippines – The Department of Justice (DOJ) is investigating another investment scam in Mindanao involving a petroleum and car trading company.

The suspect behind the scam, Jachob "Coco" Rasuman, is facing 5 charges of syndicated estafa at the Cagayan de Oro City prosecutor's office.

Also implicated in the case are 11 of his relatives, who are also directors and officers of NAD Auto Option, a petroleum and car trading company owned by Rasuman.

Rasuman took refuge at Camp Ranao in Marawi City last August due to fear for his safety as investors were hunting him for their money.

He later agreed to meet with irate investors inside the military camp and promised to return their money in six months.

Most of the investors in the multi-million “Coco Rasuman investment scam” are businessmen in Lanao provinces, including Rasuman's own relatives.

One of the complainants said in the affidavit complaint that victims were enticed to invest in NAD Auto Option.

They were promised huge interests in the first two months.

Rasuman was able to remit the interests at first, but when their investment reached P120 million last July, Rasuman no longer paid his obligations.

Worse, NAD Auto Option is not registered with the Securities and Exchange Commission.

The Justice Department is now investigating the scam, also to determine if it is linked to the Aman Futures scam.

Rasuman is now back in his home and under heavy security by police. -- Reports from Shiela Joy Labrador, ABS-CBN News Northern Mindanao; ANC