CDO ex-vice mayor, four others linked to a P400-million investment scam nabbed in Cebu

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CEBU CITY, Philippines -- The former vice mayor of Cagayan de Oro City and four other individuals were arrested inside a cafe in Mandaue City, Cebu for running off with P400 million in

A victim of a double-your-money investment scam talks to reporters on Oct. 23, 2019 about the five individuals from Cagayan de Oro City who were nabbed in Mandaue City on Oct. 22, 2019. | CDND Photo/ Delta Dyrecka Letigio

Arrested along with Matulac and Acenas were Arjun Gumban, 26, Maria Esperanza Makinano, 34, and Adjetar Daya, Jr., 35, during the operation at 10 p.m. of Tuesday, October 22, 2019. Various investors were encouraged to invest into their companies named “NH Bliss Incorporated” and “BNHPA Holdings Incorporated,” but these companies were not authorized by the Security and Exchange Commission to collect investments.

 

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