Last week a fake Army colonel and Army lieutenant were arrested by police after a tip off of their bogus loan scheme came to light.
58-year-old Carlos del Rosario, alias ‘Colonel Procopio Magallanes Arciaga/Inspector Roy del Rosario, of Baras, Rizal and 65-year-old Bill Gamboa, alias ‘2nd Lieutenant Flavio Magat Mendozaa’, from Antipolo City were arrested in an entrapment operation last Wednesday.
The entrapment operation took place in front of the UCPB Largo Branch in Quirino Highway, Quezon City at 4pm on Wednesday.
Police say they launched the entrapment operation after a complaint was filed from a retired soldier whose name was used by the two men to avail a loan from the Kooperative ng mga Pulis at Sundalo, a lending company holding offices in Cubao near the PNP national headquarters in Camp Crame.
Police say the retired Armed Forces serviceman sought the assistance of the police in arresting the two after he discovered that his name was used by the duo to take out a loan at the QC cooperative for soldiers and policemen.
The entrapment uncovered a large amount of fake documentation including PNP and AFP ID cards, and 798,000 pesos when the duo was arrested.
An investigation into the bogus loans scheme showed that they had previously gypped the company of more than seven million pesos before going into hiding.
The entrapment used on the men was a reverse loan scheme where they were said to be approved for a large scale loan but needed to submit all the required documentation for final evaluation of their loan.
The company received the paperwork and drew the men in when they told them that they had approved their loan – the scheme brought two out of hiding where they were promptly arrested for their crimes.
Police say that several other partners in the crime spree are still at large – the arrested duo will be charged with large scale syndicated estafa. Both men are being held at the CIDG-NCR detention facility.
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