Vlogger and entrepreneur Yexel Sebastian is currently under fire as thirty individuals, alongside the National Bureau of Investigation (NBI), have lodged formal complaints against him, alleging involvement in a massive syndicated estafa related to a purported junket investment scam.
As reported by John Consulta on ’24 Oras,’ Sebastian is also facing accusations of violating securities and regulation codes.
According to Atty. Palmer Mallari, the head of the NBI Fraud and Financial Crimes Division, calculations suggest that the total amount implicated in the scheme reaches a staggering P50 billion.
One victim, who came forward, disclosed losing a substantial sum of P700,000 to the alleged scam. The victim recounted being promised a monthly return of P35,000, with the principal amount pledged to be reimbursed after a year.
The NBI has segmented the complaints into three distinct categories, estimating the total value of the alleged fraudulent activity to reach the P50-billion threshold.
Victims of the scheme include overseas Filipino workers (OFWs), employees, politicians, celebrities, and businessmen.
Allegations suggest that Sebastian coerced victims into signing agreements that misrepresented their contributions as loans rather than investments.
Atty. Palmer Mallari emphasized, “We are being sustained by the revised securities and regulation code [that] any evidence of indebtedness is also a form of security.”
He continued, “We will be utilizing that process of the law… We will also be filing a potential case of violation of the anti-money laundering case.”
In response, Sebastian has taken to social media to assert that he, too, is a victim in this situation.
