Recently in the city of Parañaque, National Bureau of Investigation (NBI) agents arrested a group of nine people – six foreigners and three locals – for their involvement in a car financing scam, according to a Philippine News Agency (PNA) news article.
To put things in perspective, posted below is an excerpt from the news article of the PNA. Some parts in boldface…
The National Bureau of Investigation (NBI) has arrested three Filipinos and six Indian nationals for their alleged involvement in an “assume balance-talon” scheme.
In a statement on Friday, NBI Director Jaime Santiago identified the suspects as Teotima Batutay, Rose Torion and Michael Castulo, and Indian nationals Sajjan Sarkar, Sai Charan, Kulvatnh Thati, Gayatri Sarma, Ray Anand, and Nithin Kamepalli.
They were arrested on June 24 in Parañaque City and charged with carnapping and syndicated estafa.
According to the NBI, the complainant said he failed to pay the monthly amortization of the subject vehicle to a bank and offered it for sale on the “assume balance” process.
The said vehicle was assumed by a car dealer, which passed it to Batutay who allegedly sold the vehicle to Castulo. Castulo together with Sarkar, mortgaged it to Anand for PHP120,000.
The bank chased after the complainant after the amortizations fell due, and sought the recovery of the vehicle through Castulo.
However, Castulo demanded PHP450,000 from the complainant and even threatened to tear the car into parts if the money, which was later reduced to PHP250,000, was not given.
The complainant filed a report with the NBI, leading to the suspects’ arrest and the recovery of the vehicle.
Let me end this post by asking you readers: What do you think about this recent development? If you are a resident of Parañaque, do you think that there are still gangs of both foreigners and locals who are committing scams and have yet to be caught? Do you think there will be more financial scams that will take place in Parañaque over the next six months?
You may answer in the comments below. If you prefer to answer privately, you may do so by sending me a direct message online.
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Author Carlo Carrasco 