Agribusiness ‘scam’ office in Tagbilaran raided
Credit to Author: hniitsu| Date: Tue, 11 Jun 2019 06:57:53 +0000
TAGBILARAN CITY, Bohol — The Criminal Investigation and Detection Group (CIDG)-Bohol and the Security and Exchange Commission (SEC) raided the branch office of Organico Agribusiness Venture in Pook Pantalan in Barangay Poblacion 2 this city on Tuesday, June 11.
Police Major Patrick Pepito Ramillano of CIDG-Bohol said the raid was in line with the order of President Duterte to close down agencies involved in alleged investment scams.
The SEC earlier revealed that Organico was not authorized to accept investments.
A search warrant was issued by Manila Regional Trial Court (RTC) Branch 20 Judge Marivic Umali against Organico for alleged violation of the Securities Corporation Code of the Philippines.
Police identified the Organico branch manager as Ryan Ochavillo, Jeanette Lomotos, teller, and Hermogenes Quilario, Jr, front desk in-charge.
No one was at the Organico office when the raiding team arrived at the 2nd Floor of P. Seaview Commercial Building along Gallares Street.
Left inside the office were chairs, aircon, and a vault.
Documents and evidence such as computers and hard drives that would prove Organico was accepting investments from its members without a license were not found in the office.
When the vault was destroyed it was empty.
The owner of the building, who also invested, said Organico rented the place last year.
Some investors later showed up to claim their payout but they refused to give a statement.
Police said Organico scammed people by collecting investments they said would be used to fund poultry and hog farms. But no such farms existed.
Organico enticed its members to invest P3,600, with a promise of 66-percent return-of-investment monthly for life.
After 90 days, an investor could get at least P6,000 for one piglet where he or she could sell it to the company.
Ramillano said this is a scam that is mathematically unsustainable and the promised return is unrealistic and ridiculously high. (Editor: Leti Boniol)