Authorities step up monitoring on shady investment schemes

GENERAL SANTOS CITY -- Law enforcement and government regulatory agencies have bonded together to step up monitoring on various illegal investment schemes that have mushroomed in recent months in this city and the neighboring areas.

Brig. Gen. Eliseo Tam Rasco, regional director of the Police Regional Office (PRO)-12, said Friday they have partnered with concerned agencies to protect residents from the rampant Ponzi-like investment activities.

Rasco said the move was an offshoot of the first-ever coordinating conference hosted by the regional office on Thursday in connection with the problem.

The meeting was attended by officials and representatives of the PRO-12, National Bureau of Investigation, National Police Commission, Department of Trade and Industry, Cooperative Development Authority, city government officials, city chamber of commerce and the local bankers' association.

Rasco said they discussed the status of several investment schemes and the actions taken by concerned government agencies to address them.

"We called the meeting to determine how to approach the problem because it's not a police matter alone," he said in a radio interview.

The police official said they agreed to intensify monitoring and coordinate their actions, especially in terms of law enforcement. He said they will continually issue warnings and educate residents regarding the risks involving fraudulent investment schemes.

"We are focused on stopping these activities once and for all," Rasco said.

Among the matters discussed during the meeting were the latest updates regarding the nearly PHP2-billion Pulis Paluwagan Movement (PPM), which victimized thousands of residents and police personnel here.

PPM, which offered monthly interest payouts of 120 percent, reportedly operated for some time at the city police headquarters here before it collapsed after several months of operation last February.

Rasco said at least 15 cases were already filed against the alleged brains of the scam, which included several police officials and personnel.

Also discussed were the operations of several other investment schemes under different business names that are reportedly offering payouts of 30 to 400 percent per month.

These include the Kapa Community Ministry International Inc. and Alamco/Almamico.

But lawyer Armand Clarin, city legal officer, said they decided to shelve the discussions on the operations of the Kapa Community Ministry International Inc. due to the ongoing legal proceedings.

He cited the writ of preliminary injunction issued by the Regional Trial Court Branch 35 here last month over the permanent cease and desist order issued by the Securities and Exchange Commission (SEC) against the group.  

Kapa, which is registered as a religious organization, was earlier flagged by SEC for reportedly accepting investments in the form of donations, promising a monthly interest of 30 percent.

The Department of the Interior and Local Government (DILG) had ordered local government units to close down the offices of Kapa.

"Notwithstanding that there is an order from the DILG, there are also (pending) legal questions," Clarin said.

He urged residents to be extra cautious when joining investment schemes, especially those that offer huge payouts.

Those who were already victimized should come out and file the necessary complaints so the appropriate government can properly against those involved, he said. (PNA)