Luis Manzano asks NBI to probe investment scam allegations

Luis Manzano asks NBI to probe investment scam allegations

Feb 3, 2023, 3:12 AM
Nicole Pulido

Nicole Pulido


Luis Manzano sought the help of the National Bureau of Investigation on the Flex Fuel investment scheme after five other investors have filed a complaint against him.

Actor-host Luis Manzano is in the midst of an investment funding scam concering Flex Fuel Petroleum Corp., part of the ICM Group owned by Ildefonso “Bong” Medel Jr. dragging hiim into the controversy as he asked the help of the National Bureau of Investigation (NBI).

In a statement released on Wednesday, Flex investors have been asking Manzano to help them recover their money from the company but his camp said he is no longer tied with the ICM Group.

Manzano’s counsel, Atty. Regidor Caringal, presented a letter addressed to NBI Director Atty. Medardo De Lemos dated November 8, 2022, stating that the actor resigned as board chairman of several companies under the ICM Group.

Manzano and his associates decided to clarify the situation after he and Medel faced a complaint before the NBI, first reported by business blog spot, Bilyonaryo.

The report stated that 100 investors failed to recover their investment of nearly P1 million each, and as of writing, five of them have already filed a complaint with the NBI against Manzano who wanted the NBI “to conduct an investigation on this matter,” after Medel failed to address the concerns of the investors.

Additionally, Manzano’s counsel also presented an affidavit dated December 21, 2022, which explained that his position as the chairman of the board for the companies was "as one of the guaranties for my investment."

"Bong conducted the business in such a way that operational matters were kept away from me," said Manzano, adding that “important matters” were not disclosed to him and later resigned and formally stepped down from ICM group companies, including Flex Fuel, reported Inquirer.

Despite not being directly involved in the management of the business, investor and spokesperson Jinky Isabel said that Manzano should be liable for the alleged scam.

Tags: #scam, #investment, #funds

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