By Nancy Carvajal
Around 100 investors of Flex Fuel Corporation are calling on actor Luis Manzano to return their investment of nearly P1 million each after his sales pitch of gas station co-ownership turned out to be a scam.
Five of the investors have filed a complaint against Manzano before the National Bureau of Investigation (NBI) over the scam. The actor was Flex Fuel’s chairman of the board but claimed to have divested of his interests in February 2022.
Luis Manzano tagged in Flex Fuel P100M investment scam but popular TV host denies involvement
Jinky Sta. Isabel, an investor and spokesperson of the complainants, said Manzano should be held liable for the scam despite his claim that he “never took part in the management of the business.”
She said Manzano cannot wash his hands off the issue because of a personal rift with his business partner, ICM chairman and CEO Ildefonso “Bong” Medel Jr.
“We don’t care if Manzano and Medel are at odds with each other. We invested our money in Flex Fuel because we trusted Manzano’s word that our money would grow,” Sta. Isabel said.
She said investors were promised a monthly income of P70,000 if they would invest P990,000 in Flex Fuel under a co-ownership deal.
Several videos and ads online featured Manzano enticing people to invest in Flex Fuel so they can be “my co-owner” of gas stations.
The Securities and Exchange Commission (SEC), however, warned in 2021 that Flex Fuel and other little known gas stations are unauthorized to offer securities to the public.
Sta. Isabel said she approached Manzano in November 2022 for help because she needed to recover her investment for a medical emergency. She said the actor deposited P150,000 in her bank account.
“I told Manzano that I would return his money if he would pay back what I invested in Flex Fuel. The help he gave cannot offset the fact that he convinced me and other people to invest in what turned out to be a scam,” she said.
Sta. Isabel said she and other Flex Fuel investors no longer expect to be paid the interest that their investment should’ve earned from Flex Fuel, but they want their money back at the very least.