CIDG-NCR has arrested Paul Joseph Almazan for allegedly defrauding people into investing almost P2 Billion in so-called construction investment. @ABSCBNNews @ANCALERTS pic.twitter.com/AySOAL4P0q

— Maan Macapagal (@maan_macapagal) April 2, 2018

MANILA - The Philippine National Police-Criminal Investigation and Detection Group (PNP-CIDG) has arrested an official of construction firm Almazan Builders and Associates Corp. for allegedly being involved in a billion-peso investment scam.

PNP-CIDG National Capital Region chief Wilson Asueta said Paul Joseph Almazan was arrested for allegedly defrauding people into investing almost P2 billion in his family’s construction company.

Asueta said the whole Almazan family was issued an arrest warrant based on the complaints filed by the victims.

The victims said the Almazans encouraged them to invest their money in their construction business and promised return on investments.

"‪May legitimate na Almazan Construction company si Paul Joseph na front niya. At may legit projects din sya sa mga private and government agency, but it was used also for them to attract investors na makipag joint venture sa construction business nila hanggat sa dumami na nag-invest sa kanila. Then suddenly, hindi nila nabigay ang interest, including investor-capital contribution," Asueta said.

CIDG-NCR Chief Wilson Asueta said Almazan operated a legit construction company but failed to give his investors their interest including investor capital contribution. @ABSCBNNews @ANCALERTS pic.twitter.com/FfuRz6EPJF

— Maan Macapagal (@maan_macapagal) April 2, 2018

Almazan was arrested on March 27 in a CIDG operation along J.P. Rizal Avenue, Makati City by virtue of an arrest warrant issued by Judge Rolando How of Regional Trial Court Branch 257 in Parañaque City.

Almazan will be charged with violation of Article 315 of the Revised Penal Code or Syndicated Estafa.

Complainants have flocked to the CIDG-NCR office since Almazan’s arrest.