In response to a project involving approximately 3.01 The Baggio City Prosecutor's Office has launched legal proceedings against suspected criminal suspects in the Philippines over widespread allegations of a $100 million (approximately 278 million euros) financing scam for casino gamblers.
The gang was led by Hector Pantollana, who allegedly ran Horizon Players Club, and 15 other people, including Hazen Humilde, were charged in Badji The Cordillera region leader who ran the gang is now scheduled to stand trial.
The charges center around a mass fraud that allegedly defrauded around 10,000 investors in the Cordillera and nearby regions of at least 4 billion pesos (65.6 million euros).
Complaints filed with NBI
The investigation into Pantolana and his associates was prompted by an influx of investor complaints last year to the National Bureau of Investigation-Cordillera Administrative Region (NBI-CAR).
These investors claim that casinos promise gamblers significant monthly returns within a gambler financing framework.
Alleged casino gambler financing scam
Pantolana, his brother Hubert Amir, the Umild brothers, Michaela Damasco Tai-Tui, Virginio Martin Kasupanan and other key figures were allegedly Charges lures investors with guaranteed significant returns of up to 5% per month.
However, those promises were allegedly never fulfilled, sparking a series of complaints and legal action that followed.
Illegal activity continues
Despite the cease and desist order (CDO) issued by the Philippine Securities and Exchange Commission (SEC) against Pantolana and Umilde’s operations, reports indicate that illegal activities continue.
It is alleged that investments of around 17 billion pesos (about 278 million euros) from across the country, including from the Filipino diaspora, were misappropriated.
Suspect denies any wrongdoing
Pantorana and its legal representatives have vigorously denied the allegations, saying they lack substantial evidence and insisting that investors were fully informed of the nature of their investments.
Umild and his accomplices also issued a statement denying the allegations.
