WARNING. National Bureau of Investigation-Cordillera Administrative Region Director lawyer Daniel Daganzo guests at the Kapihan sa Bagong Pilipinas press briefing at the Philippine Information Agency office in Baguio City on Tuesday (Aug. 27, 2024). He urged victims of the farm-to-market investment scam to file complaints. (Screenshot from PIA Facebook)
BAGUIO CITY – Victims of farm-to-market investment scam in the Cordillera Administrative Region (CAR) must file complaints before the National Bureau of Investigation (NBI) to prevent the perpetrators from victimizing more people.
During the Kapihan sa Bagong Pilipinas press briefing at the Philippine Information Agency regional office here on Tuesday NBI-CAR Director lawyer Daniel Daganzo said more than 100 victims have already lodged complaints since last week after their returns stopped coming in July.
Their investments range between PHP5,000 and PHP5 million.
“Kung ma-i-file ang case, hindi na makaka-pang-biktima pa ng iba ang mga suspect. Sana magtulungan po tayo para hindi na ma-i-pagpatuloy pa ang pangloloko nila (Once we file the case they can no longer victimize other people. Let us work together to stop their fraudulent activities),” Daganzo said.
Daganzo said the victims, whom he expects to reach thousands, must bring documents to prove their investments.
He said upon filing of cases, the NBI will file a motion with the Bureau of Immigration for a hold departure order against the suspects.
Under the farm-to-market investment scheme, the organizers promise large returns by using the funds for chicken and hog raising.
They promise the investors that the principal sum and earnings will be returned after 45 days if used for poultry and after four months if for piggery.
The Securities and Exchange Commission (SEC) previously issued a warning on the “paalaga” investment scheme.
Republic Act No. 11765 or the Financial Products and Services Consumer Protection Act prohibits deceptive solicitation of investments involving the promise or offer of profits or returns sourced from the investments or contribution made by the investors themselves and the offering or selling of investment schemes to the public without a license or permit from the SEC. (PNA)
