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Manila Bulletin devider Business devider CashTrees Lending employees arrested in SEC-PNP raid

CashTrees Lending employees arrested in SEC-PNP raid

Published Feb 17, 2022 03:18 pm

The Securities and Exchange Commission (SEC) and the Philippine National Police Anti-Cybercrime Group (PNP-ACG) has arrested employees of CashTrees Lending and seized misused devices used for unregistered online ending applications.

In a statement, the SEC said the operation is part of its ongoing crackdown on unauthorized and abusive online lending activities.

In the joint operation, the combined forces of the SEC Enforcement and Investor Protection Department (EIPD) and the PNP-ACG successfully implemented a warrant to search, seize and examine computer data in CashTrees Lending Corporation’s office in Pasig City.

The Manila Regional Trial Court Branch 46 issued the search warrant against CashTrees Lending for misuse of device penalized under the Cybercrime Prevention Act of 2012, in operating unregistered online lending applications in violation of the Lending Company Regulation Act (LCRA).

The onsite digital forensic examination on the seized devices showed that the employees of CashTrees Lending operated online lending applications such as Happylend, Rush Loan, Easy Money, Good Pocket, Dummy Loan, Lucky Star, Swipe Cash, 365 Cash, Home Peso, Mega Loan, Treecash and Goldpeso.

Cashtrees Lending is registered as a corporation and holds a certificate of authority to operate as a lending company. It operates registered online lending platforms such as Happylend, Creditcash and Cashmore.

However, the SEC said a majority of the online lending applications operated by CashTrees Lending were unregistered. These include Goodpocket, Easymoney, 365 Cash and Rushloan, which have been the subject of cease and desist orders issued by the Commission.

Following the digital forensic examination, the PNP-ACG arrested 46 employees, including the manager of Cashtrees Lending for violating the Cybercrime Prevention Act of 2012 and the LCRA.

On February 13, the SEC-EIPD and PNP-ACG filed with the Department of Justice an inquest complaint against the arrested employees of Cashtrees Lending for violating the Cybercrime Prevention Act of 2012 and the LCRA.

The SEC has been receiving numerous complaints against online lending applications (OLAs) for various violations of the LCRA and for abusive debt collection practices in violation of SEC Memorandum Circular No. 18, Series of 2019, which provides for the Prohibition on Unfair Debt Collection Practices of Financing Companies and Lending Companies.

In response, the Commission created a task force to handle complaints involving online lending operators and to take the appropriate measures to stop lending companies and their operators from engaging in abusive practices and activities.

The task force closely coordinates with other law enforcement agencies such as the PNP-ACG and the National Bureau of Investigation to crack down on illegal online lending applications.

The SEC regularly monitors lending and financing companies for their compliance with applicable laws, rules and regulations, as it seeks to protect borrowers from abusive, unethical, and illegal lenders.

To date, the Commission has canceled the licenses of 36 financing/lending companies due to various violations of applicable rules and regulations.

It has also revoked the certificate of registration of a total of 2,081 lending companies for their failure to secure the requisite certificate of authority, pursuant to the LCRA.

In total, 72 online lending applications have been ordered to cease operations for lack of authority to operate as a lending or financing company.

In addition, the SEC has secured the convictions of 74 individuals for violation of the LCRA.

Related Tags

Securities and Exchange Commission (SEC) CashTrees Lending
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