LA TRINIDAD, Benguet -- The Cooperative Development Authority – Cordillera Administrative Region (CDA-CAR) issued a public advisory against a group of people introducing themselves as cooperative and recruiting individuals to become members and collecting deposits or investments promising high returns.
CDA Director Franco Bawang Jr. issued the call to caution unassuming individuals being victimized by this fraudulent group going around Baguio City to entice investors for easy money and larger returns.
Martin Manodon, CDA Senior Cooperative Development Specialist, said complaints that reached their office indicate that the group who claims to be from Laguna, entices individuals to invest in its so called venture promising tenfold of their investment or in the guise of a surety fund program.
Bawang said this happened several times in the past and those involved coops are no longer existing today or their whereabouts unknown depriving investor-members of their hard earned investments.
He further advised the public that prior to joining a certain organization, particularly a cooperative coming from outside the region, to verify first the status of the coop with the CDA Office to make sure if it is a legitimate organization.
Bawang further said it will also be more prudent to call directly the CDA Regional Office where they say they come from. (Susan Aro)