NBI-Cordillera warns public over investment fraud in Baguio

Baguio City, Philippines - The National Bureau of Investigation- Cordillera has warned the public against a company that engaged in investment scams in Baguio City after it victimized around 80 investors.

These 80 complainants identified the group as “Team Z”.

NBI- Cordillera Regional Director Janet Morecho-Francisco, through the Mountain Province Broadcasting Corporation, said the company promised the victims a 5% interest every month and an additional 2% from the total investment of the newly invited investors.

One of the victims was a cancer patient who invested about P1 million. The patient only received a 5% interest nine months after he deposited his money to the company. He got nothing since then.

The same thing happened to an Overseas Filipino Worker (OFW) who invested P1.5 million.

Investigation done by authorities revealed that Team Z owners are involved in other scams in the city, defrauding more than P4 billion from 100 investors.

As an initial action, the Security and Exchange Commission (SEC-Baguio) has requested the accused to cease operations, but the company continues to do so.

Meanwhile, the suspects refused to air their side with the media.

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