Twenty-two different investment schemes in Tagum City, Davao del Norte don’t have complete documents and permit to operate, police officials said yesterday.
This as Brig. Gen. Marcelo Morales, the director of the Police Regional Office, led provincial police officers to personally inspect offices of alleged money investment schemes in the province.
Speaking in yesterday’s press briefing at the Davao Del Norte Police Provincial Office (DNPPO), Morales said “after coordinating with the city government of Tagum, we have found that several companies are operating here even without permit to operate and license.”
Morales said they closed down two offices of alleged money investments – the Wow Society and the Crypto Currency — after the inspection on Wednesday.
“They were instructed not to continue with their operation without the necessary permit,” Morales said. “So they stopped the operation.”
He said they will further “visit” offices of other companies that continue to offer huge returns of investment scheme
Morales said the questionable companies are conducting the same modus operandi of the money investment scheme.
“They are using different cover stories like selling products that we know are not saleable,” he said. “They are using those products to cover the real operation.”
Col. Ferlu Silvio Jr., the director of Davao Del Norte Police Provincial Office (DNPPO), said the provincial level task force has already identified 30 investment firms operating in the Tagum City.
Of the 30, only eight companies have proper documents.
He said the 22 investment firms failed to present documents during the inspection.
Meanwhile, Morales vowed to charge police personnel who are joining in the scheme
“We are really conducting investigation and discreet check on the PNP (Philippine National Police) personnel who are joining the said scheme,” Morales said. “If they have violated the law, I’ll be there enemy.”
Morales said the police should not concentrate in recovering their invested money but instead focus on their work to protect the public.
Silvio also junked speculation that the money investment schemes have caused the low crime incidents in the province.
He said the low crime rate in the province is due to the diligent of the police force.
“With the directives of our director, the policemen are very active in conducting law enforcement activities, checkpoints in 24-hour basis, including the organized special team in intelligence and operation aspect together with the other units,” he said.