14 investment schemes shut down

THE Police Regional Office in Davao (PRO 11) led the creation of an inter-agency task force last May 31 to crack down on alleged fraudulent financial investment schemes to protect the public.

These investment schemes, which are mostly found in Tagum City, promise a huge return of investment in just a short period of time.

Just days after it was created, 14 operators of these investment schemes have already been closed by the task force.

However, the companies behind these schemes can resume operations once they fully comply with the government's requirements.

The 14 investment schemes were not named since the investigation and operation against the others are still ongoing.

The creation of the task force was in time for the 257th Regional Law Enforcement Coordinating Council (RLECC) Meeting led by PRO 11 and other police units, together with different government offices and National Intelligence Coordinating Agency and Securities and Exchange Commission (SEC).

The regional director of SEC 11 was named as the chairperson of the inter-agency task force.

Results of the investigation showed that there are 53 financial companies which are involved in investment schemes in the region.

However, SEC 11 and the authorities vowed that they will continue their crackdown and investigation against these investment schemes to assure that no one will be victimized by them.

The task force also vowed that there will be more money investment schemes which will close down as they are stepping up its operation in the next few days in Tagum City, Davao del Norte and Davao del Sur.

Meanwhile, authorities started on Thursday, May 30, 2019, to visit establishments which are reportedly doubling as selling products and conducting "pay-in, pay-out" to make sure that they have legal documents to do so.

Together with the press, PRO 11 Director Marcelo Morales led in visiting the GP Load Cards and Wellness Products Marketing (which allegedly the former Grappler), located in Doctolero Avenue in Tagum City.

"Yes we have visitorial powers. The PNP can visit any establishments, nasa batas yun. We can conduct any visitation," Morales said during a press conference.

However, Morales clarified that the visit is not a "raid" or to close down an establishment but just to make sure that they are operating legally especially on the products that these companies use as "fronts" and whether they conduct "pay-in and pay out" from and to the "investors".

The visit yields various businesses and products without proper receipt nor Provisional Authority from the Bureau of Internal Revenue (BIR) but they have DTI registration and Business Permit issued by the Tagum City government.

With these, Morales vowed that he will file charges against those who are found out to be investment schemes indirectly posing as businesses selling products for violating the Code of Ethical Standard and even insubordination.

"Malalaman naman ninyo pag may nasampahan na kaming mga PNP personnel. Talagang nagko-conduct kami ng investigation sa mga PNP personnel na sumasali dito. Hindi ako nagbibiro. I'm serious. I will file case against them kahit sino pa sila," Morales said.

After Tagum City, next visited was a branch of "Rigen" located at the National Highway in Carmen, Davao del Norte.

According to its business permit coming from the city, it says it is engaging in retail of "pharmaceutical, medical, cosmetic, toilet articles" but there were no products displayed when visited and aside from that, it also conducted "pay-in, pay-out" from and to its "investors", according to some of its customers which were lining up outside during the visit.

With these Morales vowed that they will continue visiting all the other investment marketing operating in the region. (With PR/Noy Gorgonio)


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