• CA clears accused in investment scam

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    THE Court of Appeals (CA) has affirmed a lower court decision absolving one of the accused in the estafa complaints filed in connection with the multibillion peso Rasuman investment scheme.

    In a 16-page decision penned by Associate Justice Priscilla Baltazar-Padilla and concurred in by Associate Justices Remedios Salazar-Fernando and Socorro Inting, the CA dismissed the appeal filed by the government as it upheld the order of the Regional Trial Court (RTC) of Pasig City, Branch 160.

    On February 19, 2013, Hassan Pangandigan filed a complaint-affidavit with the Special Panel of the Prosecutors accusing Sultan Yahya Jerry Tomawis and several others of syndicated estafa.

    He alleged that in 2012, Jacob Rasuman, Bashir Rasuman Jr. and Jasnawi Masbud, persuaded him to invest in a family business known as NAD 21 Auto Option with offices in Iligan City and Marawi City.

    The complainant claimed that they represented to him that their business is engaged in car trading and oil exploration, among others. They guaranteed that his investment will yield interest ranging from 75 percent to 100 percent in just two months.

    Pangandigan invested P11.2 million and he was promised that his money will double after two months.

    However, the promised profit was not delivered and Pangandigan failed to get back his money, prompting him to file estafa charges.

    But the lower court dropped Tomawis from the list of accused, saying there was no probable cause to order his arrest.

    The CA upheld the ruling.

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