Quantcast
Latest Stories

CIDG, AMLC stop international financial crime syndicate

By

CIDG Director Samuel D. Pagdilao Jr. INQUIRER FILE PHOTO

MANILA, Philippines—The Criminal Investigation and Detection Group (CIDG) in coordination with the Anti-Money Laundering Council (AMLC), announced Tuesday that it has stopped an international financial crime syndicate in the country that has victimized foreign companies of millions of dollars.

The syndicate was headed by a Singaporean known as Ah Chai Teo, along with Huang Chen, a Taiwanese, Lim Hoi Chung, a HongKong-British national, Chen Qwee Khai, another Singaporean, and Chen Zhi Quiang, a Chinese national, Police Director Samuel Pagdilao, CIDG Director, said in a press conference.

Ah Chai Teo, alias Aceteo, was found to be an illegal resident and a businessman in the country, AMLC officials said.

Several Filipino cohorts were identified as Romy Diaz Flores, retired policeman Guerrero Villacorta, Maryann Vasquez Basan, Pacido Ramos, and Janet Villareal, Pagdilao said.

The modus operandi of the syndicate was to attract foreign scrap metal buyers to buy large amounts of scrap metal but to later replace the scrap metal with garbage, rocks, and concrete as it was being shipped.

One of the businessmen who had been victimized was Lin Shang Yin from China. Yin had ordered 346.129 metric tons of copper wires from Zephyr Metal Trading, one of the syndicate’s fronts, in February 2011 at $7,000 per metric ton for a total of $2,422,903.

Yin came to the warehouse of the syndicate to seal the deal and to witness the scrap metal loaded into a shipping container and sealed.

During the shipping of the container, however, its doors were dismantled at the hinges so as not to break the seal, the copper wires were unloaded and replaced with rocks, concrete, and garbage, and then the door was bolted again.

Aceteo’s group required half of the payment to be paid after the scrap metal was loaded and sealed inside the container and the other half as the shipment was in transit.

When the shipping container had arrived and was opened, the victim realized he was defrauded by the syndicate.

The syndicate had created several shell firms as a front as well as a couple of legitimate corporations that were used to launder money.

Investigators had found out that the syndicate has been using the same modus operandi for more than 10 years meaning there are more likely many other foreign companies that have been victimized.

CIDG has already filed a case of syndicated estafa against all suspects before the Department of Justice. More than 150 personal and corporate bank accounts have already been frozen, Pagdilao said.

They were able to trace the money trail with the help of the banks and the AMLC, he added.

Aceteo was found to have left the country on February 2, 2012 according to data from the Bureau of Immigration and Deportation. Two other members, Lim Hoi Chung and Chen Qwee Khai, have also left the country last October 16, 2012 and January 9, 2012.

Pagdilao said that they have already begun coordination with international authorities to help them in determining the locations of the suspects and to apprehend them.


Follow Us


Follow us on Facebook Follow on Twitter Follow on Twitter


Recent Stories:

Complete stories on our Digital Edition newsstand for tablets, netbooks and mobile phones; 14-issue free trial. About to step out? Get breaking alerts on your mobile.phone. Text ON INQ BREAKING to 4467, for Globe, Smart and Sun subscribers in the Philippines.

Tags: AMLC , CIDG , international financial crime syndicate



Copyright © 2014, .
To subscribe to the Philippine Daily Inquirer newspaper in the Philippines, call +63 2 896-6000 for Metro Manila and Metro Cebu or email your subscription request here.
Factual errors? Contact the Philippine Daily Inquirer's day desk. Believe this article violates journalistic ethics? Contact the Inquirer's Reader's Advocate. Or write The Readers' Advocate:
c/o Philippine Daily Inquirer Chino Roces Avenue corner Yague and Mascardo Streets, Makati City, Metro Manila, Philippines Or fax nos. +63 2 8974793 to 94
Advertisement
Advertisement

News

  • Napoles tags over 100 officials in pork scam – Lacson
  • Vitangcol to sue Czech envoy
  • Senator’s kickback from pork bigger than those of Enrile, Estrada, Revilla – Lacson
  • 43 out of 414 Etihad passengers yet to be found, tested for MERS-CoV – Palace
  • Maid confesses in killing of 2 and stabbing of employer in Laguna
  • Sports

  • Caguioa blasts ‘no heart, soft’ Ginebra on Twitter
  • San Mig Coffee grinds out win over Alaska to force decider
  • UP nips St. Benilde; Adamson blasts RTU in Filoil women’s caging
  • Kevin Garnett responds to Raptors’ GM F word
  • Albert Pujols hits 500th HR of major league career
  • Lifestyle

  • Entering the monkhood a rite of passage
  • Haneda International Airport: A destination on its own
  • Wanted: Beauty queen with a heart that beats for the environment
  • Kim Atienza: At home with art and design
  • Life lessons I want to teach my son
  • Entertainment

  • Bollywood Oscars, film stars come to Florida
  • Ex-Fox exec denies allegations in sex abuse suit
  • Kris Aquino backtracks, says Herbert Bautista and her are ‘best friends’
  • Summer preview: Chris Pratt enters a new ‘Galaxy’
  • Bon Jovi helps open low-income housing in US
  • Business

  • SM to rebuild Tacloban hospital
  • PSEi slips after 4-day rally
  • Toyota sells 2.58 million vehicles, outselling GM
  • McDonald’s 1Q profit slips as US sales decline
  • SEC approves SM’s P15B retail bond offer
  • Technology

  • ‘Unlimited’ Internet promos not really limitless; lawmakers call for probe
  • Viber releases new design for iPhone, comes to Blackberry 10 for the first time
  • Engineers create a world of difference
  • Bam Aquino becomes Master Splinter’s son after Wiki hack
  • Mark Caguioa lambasts Ginebra teammates on Twitter
  • Opinion

  • One-dimensional diplomacy: A cost-benefit analysis of Manila’s security deal with Washington
  • No ordinary illness
  • Reforest mountains with fire trees and their kind
  • Day of the Earth
  • When will Chinese firm deliver new coaches?
  • Global Nation

  • Filipinos coming home from Mideast must obtain MERS clearance – DOH
  • US Secret Service in Manila ahead of Obama visit
  • Palace thanks Estrada for successful HK mission
  • Hong Kong accepts PH apology; sanctions also lifted
  • China won’t budge, wants PH gov’t to apologize to HK
  • Marketplace