Yexel Sebastian, a Filipino vlogger and businessman, is facing a complaint for syndicated estafa (large-scale fraud) amounting to P50 billion. The complaint, filed yesterday by the National Bureau of Investigation (NBI) and thirty alleged victims, stems from an alleged investment scam involving a "junket" scheme.
As per Atty. Palmer Mallari, the Chief of NBI Fraud and Financial Crimes Division, the complaint alleges Sebastian offered unrealistically high returns on investments. One victim claims they were promised a monthly return of P35,000 with their principal returned after a year.
The alleged scam targeted Filipino workers, including overseas Filipino workers (OFWs). The NBI has divided the sets of complaints into three, suggesting there may be more victims involved.
Sebastian has also been charged with violating the Securities and Regulation Code.
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