NBI files estafa case vs 39 in alleged investment scam

A case of syndicated estafa and violation of the Securities Regulation Code has been filed against 39 officials and members of Alabel-Maasim Credit Cooperative , which is also referred to as Alabel-Maasim Mining Company and Alabel-Maasim Small Scale Mining Cooperative .ALAMCCO was founded by Jerson Cagang, who is its chairman. Cagang, who is said to be a pastor, and is married to Fe, who is also one of the directors and among the respondents in the complaint.

Bobby said he had a personal investment of P1,240,000, while his 415 subordinates had allegedly made investments worth over P40-million to ALMAMICO/ALAMCCO. Based on the complaint, over 1,000 of those who invested from December last year until June this year were government officials and employees, including those in the military, the police, local government units, and the courts.

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