CEBU CITY – The Criminal Investigation and Detection Group (CIDG) has warned the public against investing in so-called companies that offer interest rates higher that legitimate financial institutions or commercial banks.
This warning came after the CIDG arrested several people here for their alleged involvement in the scam.
Major Edwin Lacostales, the CIDG chief in Mandaue City, said among those arrested is the leader of an investment firm that reportedly duped their unsuspecting victims in Davao and Cagayan de Oro cities with some P400 million in fraudulent schemes. The recent arrests were the result of a sting operation conducted by the CIDG.
“Kapag mag-invest ka ng P5,000 o P10,000 hanggang half a million pesos, tutubo raw ito. Para bang double your money,” Lacostales said, noting that the group has raked in a significant amount of money from their victims in Mindanao.
He said they were also investigating whether the suspects operate in Cebu or if they had managed to scam investors in the province. He urged the public to be wary of individuals who would coax them to invest in a company in exchange for huge returns similar to the Ponzi scheme.
Investment scammers are targeting mostly overseas Filipino workers who are looking for businesses where they can invest their earnings. (John Rey Saavedra)
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