MANILA

P23-M cash seized from Nasipit firm

Photo from CIDG

OPERATIVES of the Criminal Investigation and Detection Group (CIDG) seized Wednesday evening, June 26, cash amounting to P23 million from the office of a company suspected of engaging in an investment scam in the province of Agusan del Sur.

In a report, the CIDG said they received information that the FRX Rice Trading located in Barangay Cubi-cubi, Nasipit, Agusan del Norte was running an unregistered investment scheme and was about to make payouts to clients in the municipality of Talacogon.

As CIDG operatives neared Talacogon, the informant called again saying that the people behind FRX have fled towards Butuan City.

The P23 million cash was found in storage boxes sealed with packaging tape. Also found inside the boxes were money counting machines and several log books.

Lieutenant Colonel Cholijun Caduyac, CIDG-Caraga chief, said that based on reports, the investors failed to receive the payout equivalent to 30 percent of their principal as promised by the company.

He said charges for violation of the Securities Regulation Code will be filed against the people behind the investment scheme. (SunStar Philippines)


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