Vlogger Yexel Sebastian facing complaints for P50-billion scam

Thirty alleged victims and the National Bureau of Investigation have filed a complaint for syndicated estafa against vlogger and businessman Yexel Sebastian over an alleged junket investment scam.

According to John Consulta's report on "24 Oras," Sebastian is also facing a complaint for violation of the securities and regulation code.

Atty. Palmer Mallari, chief of the NBI Fraud and Financial Crimes Division Chief, said computations showed that the amount involved in the scam reached P50 billion.

One of the victims said he lost P700,000 to the alleged scam. He said he was told that his money would earn P35,000 a month and that the principal would be returned after a year.

The NBI divided the sets of complaints into three. It is said that the amount involved in all the complaints would reach P50 billion.

The victims include OFWs, employees, politicians, celebrities and businessmen.

The respondent allegedly made them sign agreements to make it appear that what they gave were loans and not investments

“We are being sustained by the revised securities and regulation code [that] any evidence of indebtedness is also a form of security," said Atty. Palmer Mallari, chief of the NBI Fraud and Financial Crimes Division Chief.

"We will be utilizing that process of the law... We will also be filing a potential case of violation of the anti-money laundering case,” he added.

Sebastian has posted on social media to say that he was also a victim.

The NBI reminded the public to be wary of investments offering a huge returns.—Jiselle Anne C. Casucian/NB, GMA Integrated News