An alleged investment company failed to give back the money it owes to its investors.
The Investment company said that it is a legitimate business and it is registered in the Securities and exchange commission (SEC).
The Company said that its office was robbed which was the reason it failed to gave back the money of its investors.
The Investors complained of the company’s investment scam which deprived them of their hard-earned money.
A Substantial number of investment scam victims went to the Police Station demanding the arrest of the owner of the Investment Scam company is known as 7711 R2AM International Company Road To Success Resources Marketing.
The Investment Scam company’s modus operandi is to convince an investor to hand their money which will earn a 20% interest weekly. Aside from the interest, the investor will be given 1 kilo of rice, soap and other products.
The SEC said that it was June 2015 when the alleged investment scam company registered its business. The registered business is a trading business and not an investment company.
The SEC said that the Investment Scam company is allowed to sell goods and products but not allowed to engage in investment business activities.
Atty.Lalaine Monserate, Asst.Director of the Investigation and Prosecution Division of SEC said that the Investment Scam was blatantly illegal and no company in the Philippines could possibly give a very high interest.
466 Investment Scam victims wanted to recover their money worth P50 million from the offending company and they filed a case of syndicated estafa before the office of the prosecutor.
Elements of The Crime of Estafa in General:
1. That the accused defrauded another a. by abuse of confidence or b. by means of deceit and
2. That damage or prejudice capable of pecuniary estimation is caused to the offended party or third person.
The SEC warned that do not be deceived by the promise of a very high interest on money invested with a very short period of time.
You may want to read: