8 foreigners, 12 Filipinos arrested in Makati over ‘investment scam’

PAMPANGA, Philippines – Twenty people have been arrested in connection with an alleged investment scam, in a joint entrapment operation by authorities during a gala night of marketing firm Professional Capability (ProCap) International Incorporated in Dusit Thani Hotel in Makati on Sunday evening, October 15.

Based on the initial report obtained by Rappler from authorities, 12 Filipinos and eight foreigners – five Singaporeans, two Malaysians, and a British – who were allegedly directors, employees, and agents of ProCap were taken into custody for violating Republic Act 8799 (Securities Regulation Code) and Republic Act 11765 (Financial Products and Services Consumer Protection Act).

The joint operation was led by the Philippine National Police (PNP) Criminal Investigation and Detection Group – National Capital Region (CIDG-NCR), Securities and Exchange Commission (SEC), and the Presidential Anti-Organized Crime Commission (PAOCC).

According to the report, the SEC Enforcement and Investor Protection Department requested police assistance against ProCap for allegedly offering, soliciting, and selling securities through investment contracts without any secondary license from the SEC.

ProCap is the marketing arm of ProCap Insurtech Limited, an online “player management platform” built on risk management in prediction games and selected trading instruments on exchanges, the report states.

“By following the company ProCap formula, players can enjoy stable daily winnings by making correct predictions without the worry of incurring losses. The company was also the first in the world to offer ‘game loss protection’ to its players,” the report reads.

PAOCC Director Jay Ison said the company has been soliciting money from investors since May. The PNP CIDG and the SEC are preparing all documents to be presented during the inquest proceedings, he said.

ProCap’s lawyer, Vitaliano Aguirre II, a former justice secretary during the Rodrigo Duterte administration, was also present in the firm’s gala night in Makati.

Based on a video obtained by Rappler, Aguirre spoke before the audience after announcing the presence of the law enforcers during the gala night. Ison said