LAW ENFORCERS on Tuesday swooped down on the offices of Organico Agribusiness Ventures Corp., a company that the Securities and Exchange Commission (SEC) has declared to be running an illegal investment operation. The operations came amid the government’s crackdown on investment scams. In Cebu City, the Criminal Investigation and Detection Group (CIDG)-Region 7, led by Metro Cebu chief Major Niño Briones, served a search warrant at the office of Organico along Pope John Paul Avenue in Barangay Kasambagan, which they found closed and empty except for some computer sets and scattered documents. “There were computers that were unplugged and documents were all over the place. They must have received a tip about the raid and vacated the building,” Mr. Briones said in Filipino. In a separate operation on the same day, a team led by CIDG-7 chief Lito Patay also raided the headquarters of another illegal investment firm, Ada Farm Agriventures, along MC Briones Highway in Mandaue City. Police confiscated drafts of contracts, receipts, computers, logbooks, bankbooks, checkbooks, documents and other gadgets. Like at Organico, no one was arrested at Ada Farm. Lester Bautista, a securities specialist from the SEC in Manila, said the two companies are considered as investment scams for selling, unlicensed securities under the cover of selling livestock.

DAVAO CITY
In Davao City, a CIDG team led by Police Major Milgrace C. Driz, accompanied by two SEC officials, served a search warrant at the Organico office, which was also closed upon their arrival. The raiding team seized boxes of coffee drinks, pouches of fertilizers, draft contracts, fliers, official receipts, bank books, investment ledger, among other documents and items. Ms. Driz said there were two women who were waiting outside for the office to open and “receive their payouts.” One of them claimed she invested about P300,000 into the company. In an advisory against the firm issued in May 2018, the SEC said Organico was found to be soliciting investments of at least 10 shares priced at P1,800 each from the public, with a promised return of P450 per share every 15 days. Organico also had a 90-day scheme, where investors are promised a profit of P7,000 after three months, alongside their initial P3,600 investment. Ms. Driz said the company’s officials would be charged with violating the Securities Regulation Code.

MONITORING
Meanwhile, Police Major Jason L. Baria, Davao regional office spokesperson, said police intelligence units have heightened the monitoring of officials as well as members of these schemes to prevent potential untoward incidents. Mr. Baria said there is a “need to intensify monitoring to prevent incidents like the one that happened in a mall in Tagum City (Davao del Norte).” He was referring to the recent incident wherein a glass wall of the mall collapsed after a big crowd of members rushed to claim their payouts from one operator. Mr. Baria said they are also on alert for rallies that these groups might launch to pressure government to let their companies resume operations. “Our units and stations are prepared to prevent possible incidents to happen,” he added, pointing out that the monitoring include activities on social media. — The Freeman and Carmelito Q. Francisco

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