NBI exec warns of investment scams in the Cordillera

RED FLAG. Officials of the National Bureau of Investigation-Cordillera Administrative Region warn the public against investment scams during the Kapihan sa Bagong Pilipinas briefing on Tuesday, Oct. 1. in Baguio City. Lawyer Daniel Daganzo (leftmost), NBI-CAR regional director, said an investment scam promises returns not possible to be earned in any investment. (PNA photo by Liza T. Agoot)

BAGUIO CITY – A too-good-to-be-true investment return is 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 in this city.

He said the agency continued to receive hundreds of complaints from investment scam victims and these included those involving the Casino Junket, farm-to-market Paalaga ng Baboy (piggery), and 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 had 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, the 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)

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