CIDG seizes P23M cash from Agusan ‘investment scam’ firm

CIDG personnel count cash amounting to P23 million confiscated in Nasipit, Agusan del Sur on Wednesday, June 26, 2019. Photo from PNP-CIDG

MANILA, Philippines – The Philippine National Police – Criminal Investigation and Detection Group (PNP-CIDG) confiscated P23 million cash from the safehouse of a firm supposedly involved in an investment scam in Nasipit, Agusan del Sur.

The CIDG on Thursday reported that an operation was launched after receiving information that FRX Rice Trading Investment is engaged in an investment scam.

Operatives from the CIDG – Agusan del Norte Provincial Field Unit and CIDG Regional Field Unit in Caraga, Nasipit police and 23rd Infantry Battalion – 4th Infantry Division of the Philippine Army, proceeded to Nasipit to verify the report.

PNP-CIDG confiscates P23 million and other items used by alleged scam group FRX Rice Trading Investment in Agusan del Sur. 📸: CIDG @inquirerdotnet pic.twitter.com/dWVVKUauJt

— Cathrine Gonzales (@cgonzalesINQ) June 27, 2019

Several individuals spotted in the vicinity of the firm’s safehouse fled and eluded arrest after spotting the approaching police officers.

Aside from the P23 million cash concealed in storage boxes sealed with packaging tape, police also confiscated three money-counting machines, 127 logbooks, three notebooks, five folders and four storage boxes.

CIDG-Caraga chief Lt. Col. Cholijun Caduyac told INQUIRER.net that the “investors” did not receive the 30 percent weekly earnings from their investment as promised by the group.

Caduyac said complainants have reached out to their office to file cases against those behind the scheme.

Caduyac said they may be charged with violation of the Republic Act 8799 or The Securities Regulation Code. (Editor: Gilbert S. Gaviola)