Investment scam suspects arrested
Authorities were able to recover at least P500k from 3 people involved in an illegal investment scam in Panabo, Davao del Norte.
The Security and Exchange Commission (SEC) has prohibited Mer’s Business Center to operate and collect funds from investors due to a lack of legal and corresponding licenses.
Panabo City Police arrested a 61-year-old man who is said to be the manager of Mer’s, as well as his 56-year-old and 29-year-old colleagues (male and female respectively).
Thirty-thousand pesos worth of invesment coming from complaining investor was retrieved from the three while P477,000 came from other victims.
It was just last month when SEC-Davao issued a notice about operations of Mer’s Business Center.
“Mer’s Business Center offers an investment scheme to the public through its so-called ‘Contractual Joint Venture Agreement’ where members or business partners are promised 30% monthly interest for 1 year or 360% in 12 months,” the advisory noted.
The suspects are now under police custody and are facing charges.
Meanwhile, SEC-Davao expressed its gratitude for Panabo City Police and Panabo City Government over the arrest of the leader and members of Mer’s.
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