MANILA, Philippines – Investigations are underway in Cebu to hunt down officials of a firm accused of operating a Ponzi or get-rich-quick scheme that victimized about 10,000 investors in Pagadian City and parts of Mindanao.

Interior Secretary Manuel “Mar” Roxas ordered local police to track down those responsible for the scam, after reports revealed that the masterminds could be hiding in Cebu.

The National Bureau of Investigation (NBI) said the last known address of Manuel Amalilo, the president of the Pasay-based Aman Futures Group, which the Securities and Exchange Commission has named in a financial scam case last October, is in Cebu City. The company’s board of directors are also believed to be in the province.

In its October 8 cease-and-desist order, the SEC prohibited Aman Futures and its officials from further soliciting investments from the public after allegedly collecting around P244 million from mostly low-income clients allegedly lured with up to 40% returns in just 20 or 30 days.

The company said profits were produced by a Malaysian brokerage firm Okachi (Malaysia) Sdn. Bhd. — with whom it had a customer agreement — and which engages in trading of commodities like oil, manganese, palm oil and nickel.

Other victims were from Marawi, Ozamis, Iligan, and even Cebu. Some were retirees, teachers, police, farmers, and even pastors

Search is on

According to Roxas, Amalilio’s residence is now under surveillance and a manhunt is ongoing for other masterminds, namely Cebuana Lilian Lim Ghan, Fernando Luna of Pagadian City, Edward Lim, Lurix Lopez and William Fuentes.

The Department of the Interior and Local Government (DILG) is also coordinating with the Department of Justice for a hold departure order against Amalilio and the others in the event that they would try to flee.

Roxas said Amalilio, who is Malysian, could already be hiding in Malaysia.

Aman officials are also expected to face criminal charges from the SEC, in coordination with the Philippine National Police and the NBi. – Rappler.com