Scam operators close down offices following reports of a coming full-blown probe

Police Regional Office 11 (PRO 11) director Police Brigadier General Marcelo Morales discusses the efforts that are being undetaken by various agencies of the government against investment schemes that are proliferating in the region. Morales also warned police officers not to get involve in these investment schemes either as protector or investor during AFP-PNP Press Corps media forum at The Royal Mandaya Hotel on Wednesday. Lean Daval Jr/EDGE DAVAO

Philippine National Police Regional Office 11 (PNPXI) Director General Marcelo Morales is serious in stopping the proliferation of different illegal investment schemes in the the Davao Region.

I have instructed the chiefs of police to conduct an investigation on these different investment schemes na nag-ooperate within their respective area of responsibility,” said Morales on Wednesday, during the AFP-PNP Press Corps media briefing in the city.

More than twenty groups involved in the scam operate in Tagum City.

All of them have no authority as an investment business from the Securities & Exchange Commission (SEC).

Earlier Tagum City Mayor Alan Rellon, in an interview with ABS-CBN/DXAB said he sees the coming end “100 to 200%” of the scammers.

The fake investment groups lure investors with monthly return on investments of up to 400 percent.

Reports said that a team from PNP XI conducted initial investigations in Tagum City on Wednesday to verify if the investment scammers have licenses to operate.

A Task Group composed of the police and other government agencies are set to conduct a full blown investigation into the racket that has already victimized hundreds of investors of millions of pesos.

Other reports on Wednesday said that the operators of the racket closed down their offices following reports of a coming full-blown probe into their illegal operations. From report by EDGE DAVAO

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