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Investments firms in Tagum and Davao City raided

DAVAO CITY- Several investment firms were raided by authorities in the cities of Davao and Tagum.

On June 10, agents of the National Bureau of Investigation raided the office of Kapa Community Ministry while police, CIDG (Criminal Investigation and Detection Group) armed with search warrants went to the offices of Organico Agribusiness Ventures and Rigen Marketing in Davao City and Tagum City.

Authorities confiscated a computer monitor and printer at the Rigen Marketing office in Tagum City, while police have shut down the  office of the  Organico Business Agriventures in Davao City.

Organico Agribusiness Ventures lures investors to invest in piglets where they can earn 30% interest for one hog after three months. While Rigen Marketing promises 400% earnings or x4 of their invested capital after a month of paying their investment.

These investment companies were in violation of the Securities Regulation Code where companies offering securities must have appropriate permits to sell these to the public.

President Rodrigo Duterte on a television last weekend had ordered law enforcement agencies to close Kapa and the other investment companies which he deemed were engaged in a pyramiding scheme. (PIA/RG Alama)

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