THE owners of a Yuchengco-owned company that offers insurance and investment are facing syndicated estafa charges before the Department of Justice (DOJ) for their failure to give plan holders the return of their investments.
About 450 disenfranchised plan holders have charged before the DOJ the executives of the company Pacific Plans Inc. (PPI) and its replacement company Abundance Providers and Entrepreneurs Corporation (APEC): Alfonso Yuchengco, Alfonso Yuchengco III, Ambrosio Padilla, George Dee, Helen Dee, Paul Sycip and thirty others.
The complainants have filed 840 counts of syndicated estafa by means of deceit and 840 counts of syndicated estafa by abuse of confidence against the said respondents.
According to the victims, the company allegedly induced them to purchase open-ended educational plans. They were also tricked of shelling out P100,000 in 15 years with a promise that they will receive triple the amount when they retire.
u200bThe Yuchengo Group has been involved in similar scams involving money invested into its portfolio.
RCBC, the bank used to launder the $81 million stolen by hackers from Bangladesh, is majority owned by the Yuchengco Group of Companies.
The Bangko Sentral ng Pilipinas fined RCBC P1 billion for its involvement in the Bangladesh Bank cyberheist. (VoxPop Philippines)
