By Marisol Bo-oc | 10:30 PM September 02, 2022

Two Boholanos wanted for estafa for their alleged involvement in the Organico Agribusiness Venture investment scam were arrested after hiding for three years in Argao, Cebu on Thursday afternoon, Sept. 1, 2022.

Cpl. John Mark Canonego of the Argao Police Station identified the suspects as
Renato Autida, 38, a branch manager, and Vincent Bunado, 30, a teller, both residents of Talibon town.

They were arrested by personnel of the Argao Police Station based on arrest warrants issued against them by Regional Trial Court Judge Glenn Pergamino of Talibon, Bohol.

Canonigo said they received information on the whereabouts of both men prompting them to set the operation.

The suspects had reportedly bought a lot in Argao town where they built a house and tend a farm.

Autida and Bunado were accused of syndicated estafa after they were implicated in a controversial investment scheme initiated by Organico Agribusiness Venture Corp. (Organico), a controversial pyramiding scam, in 2019.

No bail has been recommended for the temporary liberty of the accused.

The two, however, denied the accusations against them.

The suspects are set to be transported to Bohol where they will face the charges filed against them.

In 2018, the Securities and Exchange Commission (SEC) issued an advisory warning the public concerning Organico’s practice of promising investors of profits if they avail themselves of their investment schemes.

According to SEC, one of Organico’s schemes involved securing money from their investors to fund their diverse businesses which include organic farming, organic poultry, organic piggery, restaurant serving organic food, telemarketing, music studio and construction and eventually, an organic meat shop.

Another investment scheme is the 90-day investment, where for every P3,600 invested, one piglet is raised and sold after three months and the investor gets his money back with profit for a total of P7,000.

The controversial firm also allegedly engaged in crowdfunding activities through the internet where an investor should buy at least 10 shares worth P1,800 each, for a payout of P450 every 15 days or P2,700 in three months.

By Bohol Island News

Your reliable source of news and content in the island and the rest of Central Visayas and Mindanao.

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