Two Big Investment Scams (Royale and Upwarm) falls in the Philippines. Even PNP members have been victimized by these Investment Scams.
One of the leader of the scam Peter James Abarica has been charged with large scale estafa and illegal possession of firearms. Police believe that he is not alone and several personalities are involve. Abarica said to the police that he is only a middleman and he reports and remit the money to another person. Police estimates that the group have accumulated more than P300 million. A Belgian national is one of a victim of Royale scam.
Here's another report regarding the scam:
"The accused mastermind of an investment scam claims that he has connections with the Bureau of Customs (BOC) to convince potential targets to invest, according to his alleged victims.
The 5 victims, all agents of the direct selling firm “Royale,” claimed to have lost money worth around P6 million when they went to Camp Karingal after hearing news of Peter James Abarico’s arrest last Thursday.
Even Abarico was supposedly a former agent at the same direct selling group.
The victims claimed Abarico had convinced them into producing money to be used in an investment venture with the BOC.
Abarico was arrested by the Makati City police on Wednesday afternoon.
Makati police chief Senior Superintendent Manuel Lukban had said the suspect would tell his victims he was a middleman for a government contractor in need of borrowing funds for its projects.
Lukban had earlier declined to name the government agency involved."