SEC warns public vs. 'paluwagan' scheme

The Securities and Exchange Commission (SEC) has warned the public against investing in a 'paluwagan' scheme of a company that is not registered and does not have a license to collect money, Raffy Tima reported on "24 Oras."

The SEC issued a warning against BNY PAL & Trading Benta Paluwagan after receiving complaints from several investors.

An investor, Maria said she put in P600,000 in investment and initially got a huge return.

"Kunyari aasahan mong sahod dito ay P300,000, ipinapa benta daw ng P200,000, yung bibili daw po ay kikita ng P100,000," she said.

More people were enticed to join and the interest rates have piled up.

 "Isang tao P100 million, merong isa P21 million galing sa business nila. Meron ako relatives na talagang P4 million, P1.5 million sa benta paluwagan na sinugal na nawala na yung mga pera," she added.

The owner of the company talked with the investors and December 14 and promised to pay them.

The Pasig Criminal Investigation and Detection Group is investigating the company following the complaints of over 100 investors.  It said it is gathering evidence before filing a complaint against the company.

SEC urged the public to provide more information on the scheme of the company.  It warned its owners could face charges for possible violation of the Financial Products and Services Consumer Protection Act.

GMA Integrated News has sent a message to the social media account of the company owner to get their side, but has yet to get a response as of posting time. —Sherylin Untalan/LDF, GMA Integrated News