MANILA, Philippines – Another Mindanao-based investment group, with a scheme similar to the embattled Kapa ministry, is facing a syndicated estafa complaint filed before the Department of Justice (DOJ) on Wednesday, September 25.
The National Bureau of Investigation (NBI) filed on Wednesday complaints for syndicated estafa and violations of the Securities Regulation Code (SRC) against 39 individuals associated with the Alabel-Maasim Credit Cooperative or ALAMCCO.
Syndicated estafa is a non-bailable offense.
Two private complainants sought the NBI's help in filing the complaint.
The Securities and Exchange Commission (SEC) has warned the public against ALAMCCO as early as April, saying that the group is not registered with the SEC.
The NBI said ALAMCCO is based in Sarangani province.
Investments from the two private complainants and hundreds of their subordinates are worth a combined P62 million.
"They were swayed by misrepresentations of ALAMCCO that they have a legitimate business enterprise in the form of a cooperative which would yield a 35% interest monthly," said the NBI.
"However, the said business did not survive, given that it adopts a Ponzi scheme which is an illegal investment activity or a scam punishable by law," the NBI added.
One of the private complainants said the investors under them were a mix of pensioners, ordinary employees, and Overseas Filipino Workers (OFWs).
When the public warning was issued against ALAMCCO, the private complainant said they were promised their money back.
"Pinangakuan po kami nung June pero hindi na po sila ma-contact (We were promised last June but then they could no longer be contacted)," the complainant said, adding that the point person they were talking to was from Davao. – Rappler.com