On April 1, the Philippine police successfully arrested a mastermind accused of a "car purchase Ponzi scheme" in Donluo District, Manila. He was said to be the CEO of an automobile trading company. Previously, multiple customers made fraud accusations against the man.

According to Manila police, they have issued two arrest warrants for the man, one for fraud charges against him personally, and the other for gang fraud charges involving possible eight accomplices, neither of which recommends bail.

In October last year, the Philippine National Bureau of Investigation said they had collected enough evidence to recommend the filing of criminal charges against Digicars Auto Trading OPC CEO Reynaldo Calda and 49 employees of the company for allegedly defrauding more than 100 people nationwide. car buyers.

Digicars have attracted motorcycle and car buyers with the promise of lower monthly amortization rates than dealers can offer. However, Digicars failed to pay amortization expenses on time, resulting in customers suffering financial losses.

These victims are all over the place and have had their vehicles repossessed due to missed monthly amortization payments. Digicars claimed that the payments were used for other business investments to cover amortization shortfalls.

One victim said he purchased a motorcycle and although Digicars paid the amortization fee as promised in the first month, it failed to fulfill its promise in subsequent months. Ultimately, Digicars closed its offices, leaving victims with huge financial losses.

The Philippine Securities and Exchange Commission revoked Digicars’ certificate of incorporation due to material misrepresentations by the company.

The suspect is currently detained at the Manila Police Station, awaiting the execution of an arrest warrant by the court. Police are appealing to other victims to lodge complaints in order to strengthen the case against the suspect.