Cops lose millions in double-your-money scam

ABS-CBN News

Posted at Jul 31 2014 02:50 PM | Updated as of Jul 31 2014 10:50 PM

MANILA – A man accused of embezzling millions from his victims was arrested in an entrapment operation by the Makati Police.

The suspect, identified as Peter James Abarico, was tagged by several complainants, including some policemen, as the man behind a double-your-money investment scheme.

One of Abarico's alleged victims, Joy (not her real name), said she gave P500,000 to Abarico as investment.

She said the suspect promised her that her money will be doubled if she invests it, but did not explain the process involved in it.

Joy said she trusted Abarico since most of their transactions were made inside Camp Karingal in Quezon City. She said some policemen also invested their money.

"Mag i-invest ka, halimbawa, 100k magiging 200k minsan in 10 days, depende...Basta sabi nya sa loob ng Customs daw. Papel lang parang contract pipirmahan niya, pati yung mga taga-Karingal,'' Joy said.

''Siyempre ikaw, iisipin mo pulis iyan so baka naman legal yan. Dapat iyan makulong, kasi yung iba dyan nagbenta pa ng lupa. Mayroon naman magpapa-opera dapat yung pulis dyan pa niya nilagay yung pera niya."

Abarico was brought to Camp Karingal where his victims confronted him.

Edward (not his real name), a policeman, said he gave P2 million to Abarico. He said he thought the scheme was legitimate since some PNP officials also persuaded some police officers to invest their money.

"May mga opisyal na nagsabi sa amin na mag-invest kami hanggang sa walang nangyari, panay pangako. Kasi kami ang amin lang, may mga opisyal, kaya hindi namin alam na malokoko kami,'' Edward said.

Abarico is alleged to have embezzled at least P200 million. Further investigation on his dealings is now underway. – report from Jerome Lantin, ABS-CBN News