The Department of Justice (DOJ) has formally filed complaints against vlogger and entrepreneur Yexel Sebastian, following accusations from the National Bureau of Investigation (NBI) claiming that Sebastian orchestrated a Junket Investment Scam, allegedly defrauding victims of up to P50 billion.
According to a report by John Consulta on GMA News “24 Oras” last Friday, victims of Sebastian’s alleged scam include overseas Filipino workers, employees, politicians, celebrities, and businessmen.
Around 30 victims have filed complaints of syndicated estafa and violations of the Securities Regulation Code against Sebastian, with the fraudulent activities purportedly occurring in 2023.
In light of the numerous complaints, the NBI stated that they have divided the cases into three groups, with additional batches of complainants emerging against Sebastian.
“The amount involved here, from the last time we computed, has reached P50 billion,” said NBI Fraud and Financial Crimes Division Chief Palmer Mallari.
One victim, identified only as Mike, disclosed that he invested P700,000 with Sebastian after being enticed by displays of money, luxury cars, and a promised 5% monthly interest.
When repayment issues arose, Mike claimed that Sebastian attempted to coerce them into signing new contracts. “What guarantee do we have that our money will be returned? He showed us properties. He said they would sell toys to raise the funds. But they disappeared,” Mike recounted.
It was revealed that Sebastian lacked secondary permits from the Securities and Exchange Commission (SEC), and investors were made to sign loan agreements to portray the transactions as debts rather than investments.
However, the NBI asserted that such defenses would not hold. “Any evidence of indebtedness is also a form of security. This clearly constitutes syndicated estafa. They did not accept investments; they made the people they victimized incur debt,” explained Mallari.
Assuring further action, Mallari stated, “We will be utilizing that process of the law to apprehend them. We will also be filing a potential case of violation of the anti-money laundering case.”