Vlogger and entrepreneur Yexel Sebastian is at the center of a significant legal battle, facing complaints for syndicated estafa and securities regulation code violations, with allegations amounting to a P50 billion scam. Thirty individuals, alongside the National Bureau of Investigation (NBI), have lodged these complaints, accusing Sebastian of orchestrating a fraudulent investment scheme.
Reports from the NBI’s Fraud and Financial Crimes Division reveal that the alleged scam promised substantial monthly returns on investments, leading to considerable financial losses for the victims, which include overseas Filipino workers (OFWs), employees, politicians, celebrities, and businessmen. One claimant reported a personal loss of P700,000 with the expectation of a monthly P35,000 return and a full return of the principal after one year.
The complaints have been categorized into three sets, with the total amount implicated in the allegations reaching P50 billion. The NBI is investigating these claims under the revised securities and regulation code, considering the agreements signed by the victims as potential securities, thus broadening the scope of the legal scrutiny.
Amid these serious allegations, Yexel Sebastian has claimed on social media to be a victim himself in the unfolding controversy. The NBI has cautioned the public to remain vigilant against investment opportunities that promise unusually high returns, signaling an ongoing investigation that might lead to further legal actions, including potential anti-money laundering charges.