NBI exec cites investment scam red flag
2024-Oct-03 12:00
RED FLAG. Officials of the National Bureau of Investigation-Cordillera Administrative Region caution the public against investment scams during the Kapihan sa Bagong Pilipinas briefing in Baguio City on Tuesday (Oct. 1, 2024). Lawyer Daniel Daganzo (leftmost), NBI-CAR regional director, said an investment scam promises returns that are not possible to be earned in any investment. (PNA/Liza T. Agoot)
BAGUIO CITY – A too good to be true investment returns is definitely a scam, an official of the National Bureau of Investigation in the Cordillera Administrative Region (NBI-CAR) said Tuesday.
"If the income you will derive from the investment is too good to be true and is not possible to be earned in any investment, then it must be a scam," said lawyer Daniel Daganzo, regional director of the NBI-CAR, during the Kapihan sa Bagong Pilipinas forum here.
He said the agency continues to receive hundreds of complaints from investment scam victims and these include those involving the Casino Junket, farm-to-market Paalaga ng Baboy (piggery), hotel/ cottage reservations, among others.
"The amount involved in these scams already reached a mind-boggling amount of billion pesos," he said.
Victims of the casino junket scam claim they were duped of at least P4 billion by perpetrators who promised a five percent interest on the investments, which will be loaned to high roller casino players.
Daganzo said 16 individuals have been charged with syndicated estafa, an unbailable offense.
Another one is the farm-to-market paalaga ng baboy scam, wherein the funds are supposed to be invested in a pig farm in Quezon province.
Daganzo said 300 complainants have filed their affidavits.
He, thus advised the public not to be easily swayed by large returns, noting that the chance for the victims to get their money back is slim.
Daganzo also urged the public to verify with the NBI, the Securities and Exchange Commission, Philippine National Police or local government agencies the background of the business firms they are dealing with.
"Make sure that when parting with or giving money for investment, it must be duly acknowledged and you will be given a receipt clearly showing the name or position (of the one receiving the money) and address of the company. Always retain the original copy. If possible, take pictures of the person you are dealing with," the director said. (PNA)