CEBU

CIDG, SEC raid ADA, Organico offices in Cebu, Bohol

CEBU. Operatives of the Criminal Investigation and Detection Group (CIDG) Central Visayas, together with representatives from Securities and Exchange Commission (SEC) conduct a legal search in the premises of ADA Farms in Mandaue City. ADA Farms, along with Organico Agribusiness Ventures Corp, were raided on Tuesday morning following reports that they were engaging in illegal investment scams. (SunStar photo/ Allan Cuizon)

THE Criminal Investigation and Detection Group (CIDG) Central Visayas and the Securities Exchange Commission (SEC) raided the offices of two firms based in Cebu and Bohol on Tuesday morning, June 11, after they were reportedly engaging in illegal investment scams.

The officials from CIDG- Central Visayas and SEC raided the offices of ADA Farms and Organico Investment firms in Cebu and Tagbilaran City in Bohol.

The joint team were able to seize documents, computers and security cameras during the raid.

No cash were found in the vaults of the two firms.

Aside from SEC and CIDG-Central Visayas, operatives from the Philippine National Police Anti-Cybercrime Group also participated in both raids.

Lawyer Darwin Sotto of SEC said they will file criminal charges against the owners of the two firms for violating the Securities and Investment Code as they operated even without legal registration as a corporation or investment firm before their office.

The raid, which was simultaneously conducted nationwide, was implemented based on a search warrant issued by Manila Regional Trial Court Judge Marivic Umali last June 7.

Before the raids conducted on ADA and Organico, the National Bureau of Investigation and other law enforcement units accompanied SEC officials to raid offices owned by the Kapa Community Ministry International Monday, June 10. (WBS/AYB/ SunStar Cebu)


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