PNP widens radar on ‘investment scams’

By Jennifer P. Rendon

 

If it’s too good to be true, it probably is.

This was the warning of the Police Regional Office 6 (PRO-6) to the public amid reports of investments scams targeting Western Visayas residents.

Lieutenant Colonel Joem Malong, PRO-6 spokesperson, said they are verifying with field units on the existence of get-rich-quick scams.

So far, police field offices have yet to confirm reports or complaints against firms promising to double their investors’ money in just 30 days.

On Monday, Iloilo City Mayor Jerry Treñas ordered the local PNP and the National Bureau of Investigation to track down an alleged financial scam in the city.

 

“I am ordering the PNP and NBI to verify reports of a financial scam where there are promises of 100% interest payments in 30 days. Please report to the PNP, my office and the NBI any knowledge of the same. Thank you very much guid,” Treñas said on his Facebook page.

 

Lieutenant Colonel Alex Pederio, Iloilo City Police Office (ICPO) deputy director, said they have not monitored any investment scams based in Iloilo City.

 

“May reported investment company that is offering 30 to 60 days of double-your-money returns but it’s not in Iloilo City,” he said.

 

Apparently, the warning was raised on individuals who invested in Chiyuto Creative Wealth Document Facilitation Services (CCWDFS) based in Roxas City, Capiz.

But Colonel Julio Gustilo, Capiz police chief, said they could not file a case against any investment company in the area because not a single person lodged a complaint with their office.

 

“No one has come out and claimed they were scammed,” he said.

 

Even former Senator Manuel “Mar” Roxas II has denied endorsing Don Chiyuto and Chiyuto Creative Wealth Document Facilitation Services aka Chiyuto Double Your Money Scheme.

In his Facebook page, Roxas said he doesn’t know Patrocenio C. Chiyuto aka Don Chiyuto aka Don Zhang Lee Chiyuto.

He claimed to have no transaction with or endorsed Chiyuto or his business.

 

“Let me be clear: I have not and do not endorse any investment or financial product, program, service or business,” he said adding, “please be careful of, or better, avoid people who say that I am connected with their investment or financial business products.”

 

He also advised the public to be very careful with their money.

Roxas said the public must verify the legitimacy of the business by checking on its registration with the Securities and Exchange Commission (SEC) or with Bangko Sentral ng Pilipinas.

The business must have a license to accept investment.

Look for authentic, up-to-date registrations and certificates of compliance from SEC, BSP, DTI, DOLE, Insurance Commission, mayors permit, etc as appropriate,” he said.

Roxas said it is also important to check if government agencies have issued any warning against these investment companies.

Meanwhile, in an advisory in August 2020, the SEC’s Enforcement and Investor Protection Department said that “Chiyuto Creative Wealth Document Facilitation Services headed by Patrocenio Calvez Chiyuto, Jr. aka Don Chiyuto, is not registered with the Commission either as a corporation or as a partnership.”

In its Facebook page, the Philippine Junior Finance and Investment Summit issued a warning in October 2020 against investing in the same firm.

The SEC said that the “firm is offering investments to the public by availing of their so called Double Your Money “Roulette” game investment with a minimum amount worth Php1.00 up to a maximum of Php1Million.  Upon joining, a member will be asked to spin the roulette wheel which will randomly pick different payout days.”

 

“Thus, the member will earn one hundred per cent (100%) for 1 day, 30 days or 45 days, respectively, depending on the result of the spin of the roulette wheel. The company will then issue a promissory note in the name of the member investor with the corresponding amount representing his payout and the date of maturity or when he is supposed to claim the same.”

 

“Considering that the above-described scheme involves the offering and sale of securities to the public in the nature of an investment contract, the Securities Regulation Code (SRC) requires that these securities are duly registered and that the concerned corporation and/or its agents have appropriate registration and/or license to sell such securities to the public pursuant to Section 8 of the SRC.  The records of the Commission show that CHIYUTO CREATIVE WEALTH DOCUMENT FACILITATION SERVICES is not registered with the Commission either as a corporation or as a partnership. Further, it is NOT AUTHORIZED to solicit investments from the public since it has not secured prior registration and/or license from the Commission as prescribed under Sections 8 and 28 of the Securities Regulation Code.”

 

Further, “the public is advised NOT TO INVEST or STOP INVESTING in any investment scheme being offered by any individual or group of persons allegedly for or on behalf of CHIYUTO CREATIVE WEALTH DOCUMENT FACILITATION SERVICES and to exercise caution in dealing with any individuals or group of persons soliciting investments for and on behalf of it.”

 

HOLIDAY

In his Facebook page, Chiyuto posted Tuesday morning that the company will go on a temporarily holiday claiming that it doesn’t mean that he violated any law.

 

“Ako po ay humihingi ng konting konsiderasyon at konting panahon at suporta upang maisaayos natin ng mabuti, upang sa ating pagsimula ay wala na tayong pangamba,” he said.

 

Further, “simula sa araw na ito ay panandalian po tayong magkakaroon nang HOLIDAY ang ating kumpanya upang masigurado ang seguridad ng hinaharap ng bawat isa. Tayo po ay sumusunod lamang din para sa kapakanan ng lahat,” he said.

Chiyuto said that it would only be temporary while they’re fixing everything.