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An Investment Scam Cheats Many of Their Dues

The National Bureau of Investigation (NBI) has held a person for executing an online pyramid scam to defraud hundreds of people of their peso in billions.

The NBI arrested Castillo in the city of Baguio on July 4, 2007. Of the many whom Castillo victimized, Frederico V. Olarte, Glen Manuel R. Sunga and Philip B. Fernando lodged a complaint with the NBI. Castillo works for FS Investment (FrancSwiss Investment) as a chief financial advisor.

According to Ruel Lasala, head of NBI Metro Manila, FS Investment began their activities in Malaysia but the country banned their operations so they moved to Singapore and Ilocos Sur, as reported by Manilastandardtoday on July 7, 2007.

The NBI Agency is working with the Interpol & foreign law-enforcement bodies to coordinate the arrests of FrancSwiss' foreign officials. These officers include Roger Smith belonging to America who allegedly leads FS Investment in Asia-Pacific, and Bensy Fong & Raymond Chua, both of Singapore origin but living in New York City.

NBI Deputy Director for Regional Operations, Reynaldo Esmeralda said the three complainants had found the investment scheme on the FrancSwiss website, www.francswiss.biz.net very attractive so they thought of obtaining it, as per the news published by Abs-CBNnews on July 7, 2007.

In the complaint, the victims said they learnt about the FS Investment via an advertisement on the Internet. The advertisement talked about an offer where an investment of $1,000 would fetch an interest of US$ 45 every day. The investor would also get a commission of 10% for every additional person he would fix to invest in the scheme. However, the scheme would not issue any receipt to the investor but Castillo promised there would be a confirmation detail on the FS Investment website.

Although Olarte could see on the site that his money accumulated but his bank account would not show any deposits. The company then told him to recruit two more investors in order to be able to withdraw his earnings. Manilastandardtoday published this on July 7, 2007.

According to the NBI, FrancSwiss had robbed several people in this manner since March 2007 when it began operating.

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