FOLLOWING an appeal of Pasig City Mayor Vico Sotto, the National Bureau of Investigation (NBI) commenced investigating a "paluwagan" scam which reportedly defrauded hundreds of individuals of nearly P1 billion.
Of the more than 100 supposed victims, 50 of them have formally filed complaints against BNY PAL, also known as “Benta Paluwagan,” and its owner, Rohani Velasco, NBI-National Capital Region assistant regional director Joel Tuvera said.
The firm allegedly failed to turn over cash dividends it promised to its investors since December last year.
“Possible estafa cases will be filed against the subject and her cohorts,” Tuvera was quoted as saying in a recent interview, adding that a hold departure order would be also issued as the complainants said Velasco was not responding to their calls.
According to the complainants, BNY PAL required members to pay for slots in a rotating credit and savings association and promised a 40-percent profit of their investment, with the ability to buy or sell their slots in the payout schedule.
Sotto, in a previous article, said that BNY PAL, despite being a registered wholesale trading company in Pasig, lacked authorization for investment and lending businesses even as he described the firm’s operation to a pyramid scheme.
The Pasig City chief executive likewise advised the public to check Securities and Exchange Commission (SEC) records before investing in any firm and to be wary if returns seem “too good to be true.”
One of the complainants, who claimed to be a friend of Velasco, said problems arose after she reportedly spent the invested money on luxury items.
“But what really shocked me was when Velasco declared that the money was frozen by the Anti-Money Laundering Council,” she added.
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