Philippines pursues €278 million casino junket financing scam suspects

Jenny Ortiz March 25, 2024

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Philippines pursues €278 million casino junket financing scam suspects

In response to widespread allegations of a casino junket financing scam totalling to $301 million (€278 million), the Baguio City Prosecutor’s Office has launched legal proceedings against the suspected perpetrators in the Philippines.

The group, led by Hector Pantollana, who is purportedly at the helm of Horizon Players Club, along with 15 others including Hazen Humilde, accused of spearheading the group’s operations in the Baguio and Cordillera region, are now slated to stand trial.

The charges primarily revolve around syndicated estafa, with claims of defrauding approximately 10,000 investors across the Cordillera and nearby areas, amounting to at least PHP 4 billion (€65.6 million).

Complaints filed at NBI??

The investigation into Pantollana and his associates gained momentum after an influx of complaints from investors flooded the National Bureau of Investigation-Cordillera Administrative Region (NBI-CAR) last year.

These investors alleged they were promised significant monthly returns on their investments within the casino junket financing framework.

Alleged casino junket financing scam??

Pantollana, alongside his brother Hubert Amiel, the Humilde siblings, Mikaela Damasco Ty-Choi, Virginio Martin Casupanan, and other key figures, are accused of enticing investors with assurances of substantial returns, purportedly as high as 5 percent monthly.

However, it is asserted that these promises were never fulfilled, triggering a cascade of grievances and subsequent legal action.

Illicit activities persisted??

Despite a Cease-and-Desist Order (CDO) issued by the Philippines’ Securities and Exchange Commission (SEC) against Pantollana and Humilde’s operations, reports indicate that the illicit activities persisted.

Allegedly, investments worth P17 billion (€278 million) from across the nation, including contributions from Filipino expatriates, were misappropriated.

Suspects deny any wrongdoing?

In response to the charges, Pantollana and his legal representatives have vehemently denied any wrongdoing, arguing that the allegations lack substantive evidence and insisting that investors were fully informed about the nature of their investments.

Humilde and his associates also issued statements refuting the accusations.
They claim that the accusations are baseless and unsupported by concrete evidence.?