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Rigen, Organico raided

Two more investment companies in the region were raided by authorities yesterday.

The Criminal Investigation and Detection Group (CIDG) raided the Organico Agribusiness Venture along Bolton Street in the city and the Rigen Marketing in Tagum, Davao del Norte.

Just like the Kapa that was raided on Monday in Tagum City, the two firms were reportedly closed when the agents arrived yesterday morning with their court-issued search warrant.

The CIDG-Davao City field unit operatives led by Major Milgrace Driz, with the two personnel from the Security and Exchange Commission (SEC), swooped the Organico office, located at JRT Building, Bolton Street, Barangay 35-D, Poblacion District, around 10 a.m. yesterday.

As the office was closed, the raiding team broke down the padlocks to enter.

They confiscated several draft contracts, fliers, official receipts, acknowledgment receipts, logbooks, bank books, investment ledger, check books, company profile, gadget, paraphernalia, documents and records.

Driz said the company will be charged for violating Republic Act 8799 (The Securities Regulation Code).

The company reportedly offers investors to invest one pig that costs for P3,600 and they gain P2,400 a month.

During the raid yesterday, at least two women went to Organico purportedly for a scheduled pay out.

One of the women said she invested P300,000.

In Tagum, authorities also forcibly opened the office Rigen as it was closed when they arrived.

They seized documents and CPU-less computers during the raid.

Jonathan Tabugon, a Rigen staff, said they are ready to face the charges, insisting that they are legally operating.

Tagum City Mayor Allan Rellon said Rigen was allowed to operate as they complied with the requirement.

The series of raids was conducted after President Rodrigo Duterte ordered to close down all investment scheme companies.


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