Development authority warns of ‘coop’ scam-A A +A
Tuesday, October 2, 2012
THE Cooperative Development Authority (CDA) warned the public not to easily believe agents who are claiming to be members of a cooperative and are recruiting members to invest in it.
CDA–Cordillera Director Franko Bawang said the public should have an initiative to check the cooperative’s records with his office before investing to avoid being victims of scams.
Officials of the CDA admitted during a press conference last week that there are different cases of coop scams in the region.
With these scams, they advised the public to be vigilant not to fall prey to these illegal activities.
Martin Manodon of the CDA said they received a grave complaint last year wherein “agents” collected more than four million supposed–to–be investment of vendors in Baguio City.
He said these people claimed to be members of a certain cooperative.
Manodon also said that these “agents” appeared to the city vendors and promised that the vendors’ investment will double and they can avail of loans.
He said the vendors trusted the “agents” easily without proper confirmation with CDA. After the vendors invested more than millions, the “agents” disappeared.
Manodon said these “agents” claimed to be with cooperatives APO and BAUS, which do not exist. He then warned the public not to entertain any representatives from these cooperatives.
The cooperatives in the region celebrate the cooperative month this October along with other regional coops.
Published in the Sun.Star Baguio newspaper on October 02, 2012.