CIDG-7 raids Organico regional office in Cebu City
CEBU CITY, Philippines—The Criminal Investigation and Detection Group in Central Visayas (CIDG-7) confiscated documents and equipment from the Organico Agribusiness Venture regional branch in Barangay Kasambagan in Cebu City on Tuesday morning, June 11, 2019.
According to Police Major Niño Briones of the CIDG-7, the raid was in line with the mandate of President Rodrigo Duterte to close down agencies involved in alleged investment scams.
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The Security and Exchange Commission (SEC) earlier revealed that Organico was not authorized to accept investments.
Briones said they were looking for documents and evidence that would prove Organico was accepting investments from its members despite not having a license to do so.
He said when they went to the office to search the area, it was already closed and no employee could be found.
He also said that they were able to retrieve computers, hard drives as well printed documents, which they will look into in the hopes of finding transactions.
Briones said Organico scammed people by collecting investments they said will be used to fund poultry and hog farms. But no such farms existed.
He said they are now pursuing the management of the Organico office and will be filing charges based on the violations stated by the SEC. /bmjo
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