Police Arrested 3 Persons Involved in Illegal Investment Scheme in Panabo
Authorities arrested three (3) individuals allegedly involved in an illegal investment scheme in Panabo City, Davao del Norte.
According to an ABS-CBN news source, Panabo City Police in Davao del Norte arrested two men and one woman who were allegedly among the operators of Mer’s Business Center, which is purportedly an unlawful investment scheme.
According to police, Mer’s Business Center was barred from functioning and collecting money from investors by the Securities and Exchange Commission (SEC) because it lacked a legal and relevant license. Authorities also filed a complaint against the accused money-laundering organization.
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Mer’s putative manager, a 61-year-old male, a 56-year-old guy, and a 29-year-old woman were all detained. The three were found with P30,000 in alleged investment by the complaining investor and P477,000 in supposed investment by the victim investors.
Mer’s Business Center was served with a notice by the SEC-Davao last month. According to the study, Mer’s Business Center offers the public an investment scheme through its so-called ‘Contractual Joint Venture Agreement,’ which guarantees members or business partners 30 percent monthly interest for a year or 360 percent in 12 months.
The people who were detained have been brought into jail, and an investigation is underway. Meanwhile, the SEC-Davao expressed gratitude to the Panabo City Government and Panabo City Police for its actions against the Mer’s leader and two members.
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