The Philippine National Police (PNP) announced on Monday the arrest of a suspect in a multi-million peso investment scam in Quezon City.

PNP Director General Oscar Albayalde named the suspect as Margarita Huang alias Irma Pascual.

Albayalde said Huang is “a key suspect in a celebrated case of syndicated estafa that allegedly defrauded hundreds of millions from unsuspecting investors in a 'Ponzi scheme' involving a purported lending business.”

“Operatives of the Criminal Investigation and Detection Group Anti-Fraud and Commercial Crimes Unit arrested Mrs. Huang last Thursday evening at Room 528 of SMDC Grass Residences Tower 3 located along Nueva Vizcaya St. Bgy Sto. Cristo near SM North EDSA, Quezon City,” he said.

Albayalde said “Huang is accused in 12 separate criminal cases for estafa filed before RTC Branch 85 of Quezon City, RTC Branch 148 of Makati City and RTC Branch 40 of Quezon City with outstanding warrants of arrest issued by the three courts.”

“The cases stemmed from at least 423 “bouncing checks” amounting to P130.5-million that she and her husband Gary allegedly issued to 29 “investors” in a purported lending business back in 2016.”

Albayalde said “spouses Gary and Margarita Huang, daughter Nicole, son Conrad, and secretary Marivic Ifurung were the subjects of several complaints investigated by the Securities and Exchange Commission (SEC) for alleged violation of the Securities Regulation Code that imposes a maximum penalty P5-million fine and 21 years imprisonment.

He noted that all the suspects were charged with syndicated estafa. Gary and Conrad Huang and Ifurung posted their cash bail bonds for their temporary liberty in 2017.

“Gary Chen Huang, Conrad Huang and Marivic Ifurung posted bail last year, while Nicole Huang is reportedly in hiding in New Zealand,” said Albayalde.

“We believe that more victims are yet to come forward to formalize their complaints and possibly recover their money. Other complainants, thru private counsel, have reportedly filed their cases directly to the prosecutor’s office,” he added. Robina Asido/DMS