3 Cebu traders duped of millions in investment scam | Inquirer Business

3 Cebu traders duped of millions in investment scam

/ 08:29 PM November 13, 2012

CEBU CITY, Philippines–Three Cebuano-based businessmen will be filing charges against the Aman Futures Group Philippines Inc. in the hope of getting back the P100-million they said they invested in the company.

Ayubkhan Conding, Agakhan Dianalan and Mamad Conding visited Securities and Exchange Commission director Lindeza Gavino on Tuesday noon to secure documents about the company.

ADVERTISEMENT

The three, who hailed from Lanao del Sur but are based in Cebu and engaged in buy and sell of vehicles, cellphones and laptops, were victims of the “double your money” scheme of Aman.

In an interview, Dianalan said he wanted to get back the P30 million he invested because part of the money came from his relatives who, believing they would get high returns, entrusted their money to him.

FEATURED STORIES

Ayubkhan invested P39 million while Mamad’s investment reached P57 million.

Mamad and Ayubkhan, who are cousins, also told the Philippine Daily Inquirer that part of the money they invested was from their relatives.

Dianalan said they decided to invest in Aman after they learned that the mayor of Pagadian City invested in the company and even issued a business permit to the company to operate in the city.

The three had asked the local media to blur their photos and video footages that included them as they feared for their lives. They recounted that in Lanao, some of the investors have threatened to kill those who put in the investments for them if their money would not be returned.

Mamad said they would like to ensure their safety as their relatives have been demanding the return of their money.

Dianalan said that it was a “painful” learning experience for him since it was not only his money that was involved but also that of his relatives.

He said that in the future, he would check thoroughly the background of the company that offers lucrative schemes before making any investment.

ADVERTISEMENT

He said they have yet to determine what charges they would be filing against Aman.

On the other hand, Gavino said the three were the first Cebu-based complainants that came to her office.

She said they have received the cease-and-desist order issued by their head office last Oct. 16, which they posted on the Aman office in Keppel building at the Cebu Business Park.

They have also posted a copy of the order to the address indicated by Manuel Amalilio in 99 Espina Village B. Rodriguez St. in Cebu City.

Gavino emphasized that the company was not incorporated in Cebu although the incorporators were based in Cebu.

Interior Secretary Manuel Roxas II last Saturday said he was coordinating with local police and the NBI-7 to locate Amalilio, chairman of the Pasay-based trading firm Aman Futures Group Philippines Inc.

Roxas said the National Bureau Investigation (NBI) traced Amalilio’s address to 99 Espina Village B. Rodriguez Extension in Cebu City. The residence has been placed under surveillance.

Read Next
Don't miss out on the latest news and information.

Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.

TAGS: fraud, investment scam, News, pyramid scam, regions
For feedback, complaints, or inquiries, contact us.

Subscribe to our business news

By providing an email address. I agree to the Terms of Use and acknowledge that I have read the Privacy Policy.



© Copyright 1997-2022 INQUIRER.net | All Rights Reserved

We use cookies to ensure you get the best experience on our website. By continuing, you are agreeing to our use of cookies. To find out more, please click this link.