BACOLOD CITY – A 40-year-old man linked to a large-scale investment scam was shot dead in Barangay 2, Hinigaran, Negros Occidental on Tuesday, April 21.
Police Lt. Col. Jovil Sedel, Hinigaran police chief, identified the victim as Henjie Cuadra.
Sedel said Cuadra and Barangay 2 Kagawad Novem were drinking in front of a store when an unidentified assailant approached and shot Cuadra in the head.
He was declared dead at a hospital, while Novem was wounded by a stray bullet and is recovering.
Investigators recovered two spent 9mm cartridge cases and a deformed bullet at the scene.
Sedel said Cuadra founded RGS World Marketing Corp. and had been arrested twice for syndicated estafa in 2022 and 2023, though both cases were dismissed due to the non-appearance of complainants.
Victims claimed they invested millions in the Bacolod-based firm, which promised high returns but failed to deliver payouts.
The Securities and Exchange Commission (SEC) en banc earlier issued a cease-and-desist order against RGS World Marketing Corp., prohibiting it from soliciting investments without proper registration and approval. (Glazyl Masculino)
