Duo in ‘double-your-money’ scheme nabbed in Roxas City

By Jennifer P. Rendon and Felipe V. Celino

 

Local police arrested two persons who were allegedly involved in an unauthorized investment scheme in Roxas City, Capiz.

Hanovel Lumacang, 48, a businesswoman and resident of San Roque St., Roxas City and April Abao, 38, of San Fernando, Pampanga were collared in an entrapment operation afternoon of January 31 at Barangay Lawa-an, Roxas City.

Lumacang and Abao allegedly introduced themselves as employees of Royal Oromagnet with office address at MEX Building in Barangay Mandalagan, Bacolod City.

Standing as complainant in the case was Febe Arnigo Abella. 24, also a resident of Lawa-an village.

But while she claimed that was also a victim of the scheme, Abella said she represented her employer in the deal.

Lieutenant Colonel Ricardo Jomuad, Jr., Roxas City police chief, said some well-known businessmen also fell victim to investment schemes, but they are unwilling to come out in the open.

Jomuad said the suspects and the victim allegedly agreed on a double your money investment scheme.

The suspects offered a Mitsubishi Montero SUV to Abella a day after investing PHP2.5-million.

“The SUV, or any vehicle that they would agree, would be on top of the agreed double-the-amount of their investment,” Jomuad said.

During the entrapment, Abella gave PHP50,000 which Abao received in Lumacang’s presence.

That was the signal for operatives of the Roxas City Police Station to arrest Abao and Lumacang.

A PHP1,000 bill and fake money were seized from their possession.

Police also recovered the suspects’ Huawei tablet, two mobile phones, and a Toyota Hi-Ace van.

Jomuad said they heard that Lumacang and Abao also victimized some persons in northern Iloilo.

They allegedly promised a Ford Raptor pick-up truck to persons who would invest at least PHP2.5-million.

Despite getting caught, Lumacang and Abao denied that their company was a scam saying that Royal Oromagnet’s operation is legal.

They were a new company established in November 2020 under the umbrella of Royal Oro Magnet International, which is based in Metro Manila.

The company is also connected with Philippine Offshore Gaming Operators (POGO).

The duo also denied that they are into “double your money investment scheme” as they offer products to their investors.

But they will not go scot-free as police will file charges against them today, February 2, 2021.

Jomuad said they are preparing the case for violation of Section 28 of Republic Act 8799, otherwise known as The Securities Regulation Code and Article 315 of the Revised Penal Code.

A few days back, the Roxas City Police Station publicly issued a warning against investment companies, which might not have proper authorities to operate.

It named several companies which were already subject to complaints by residents after their hard-earned money were not returned.