Complaints against the operators, including account managers of the alleged casino junket scam group Team Z, tagged to have carted away at least P4 billion worth of investments from Baguio City alone, have flooded the NBI-Cordillera.
One complainant told NBI investigators that Team Z ring leaders, whose identities were withheld pending the probe, duped them into believing that they would continue receiving their five percent monthly return of investment and two percent more for those who convinced others to invest in the casino junket financing scheme meant for a popular casino in Parañaque City.
Complainants said that they were receiving their payouts during the first few months of their investments.Baguio City investors were not actually invested into casino financing but were lumped and pocketed by the operators of the Team Z group. Complainants who vowed to become government witnesses bared that they are in deep in debt because leaders of Team Z enticed them into taking a 30/70 car and housing loan, promising they would shell out the monthly 70 percent amortization payments after the investor shells out the 30 percent downpayment.
When one of the would-be government witness tried to pull out his investment, the operators ordered him to look for other investors to replace his slot and the money that the new investor will infuse shall be the pull-out investment she will receive, proving it as a classic Ponzi scheme.
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