Pasig City Mayor Vico Sotto is calling on victims of a Pasig-based illegal soliciting firm to come forward as the local government works closely with the National Bureau of Investigation - National Capital Region (NBI-NCR) to investigate and hold the scammers accountable.
"Ako po'y nananawagan sa mga naging biktima, lalo na sa mga sales associate at mga re-sellers. Mag cooperate po kayo sa imbestigation (I am calling on those who were victimized, especially the sales associates and re-sellers, to cooperate in the investigation)," said Sotto in a press conference at the City Hall on Monday, Jan. 8.
"Kung anong nalalaman ninyo, anong dokumento ang hawak ninyo -- bank o GCash transactions, receipts, official or otherwise -- bigay niyo na sa amin ng NBI. Kasi kung hindi, kayo ang hahabulin ng mga naginvest o nabentahan ninyo. Di ko sinasabi na zero ang liability, but do what is right and cooperate with the investigation (Whatever you know, what documents you have, give them to us. Because if you don't, your customers and investors will be asking for their money from you. I'm not saying there will be zero liability, but do the right thing)," he stressed.
A media briefing was held with officials from the NBI to warn the public against the operations of a firm identified as BNY PAL & Trading, located in Barangay Sagad, Pasig City, and headed by Rohanie G. Velasco.
BNY's Ponzi scheme has been operating for around more than a year, but the mayor noted that Velasco's fraud-related activities may have begun before BNY was established through buying slots in "paluwagan" or money-lending groups.
Sotto said that the company was registered as a wholesale retailer as indicated in its permit with the city government. BNY did not officially declare any kind of business in relation to investments or lending.
The Securities Exchange Commission (SEC) has already released an advisory, stating that BNY PAL & Trading "is not registered as a Corporation or a Partnership with the Commission," and it also "has not secured prior registration and/or license to solicit investments from the Commission prescribed under Section 8 and 28 of the Securities Regulation Code (SRC).
"Malinaw na malinaw sa umpisa palang na illegal ang kanilang ginagawa. Base sa una nating investigations, nakikita natin isa itong Ponzi scheme (It's very clear that from the start, what they're doing is illegal. Based on our initial investigations, we can see this is a Ponzi scheme)," said Sotto.
According to NBI NCR Assistant Regional Director Joel Tuvera, they have received around 50 complainants so far, all from Pasig City.
However, Sotto said they've been told that there may be as many as 100 or more victims, many of which remain hesitant, afraid to report, or don't know what to do, as well as those who may have reported to the Criminal Investigation and Detection Group (CIDG) or have filled out blotter reports with the local police.
He added that, according to the complaints they have received and stories from victims, Velasco has already received P800 million worth of "investments." Unofficially, the number could rise up to a billion, accounting for claims from victims that have yet to report to the authorities.
Tuvera said it is uncertain, but they have not given up on the possibility of victims recovering their portions of investments.
"In two weeks, we can already file a case for those who have filed complaints. The investigation is ongoing so the agency remains open to hear more reports from victims," he said.
Tuvera said possible syndicated estafa cases, charges for violating the SRC, as well as for other fraudulent schemes may be levied against Velasco and the cohorts.
A "No Departure" order may also be manifested in the court to prevent Velasco from leaving the country as soon as a warrant of arrest is acquired.
Last month, Sotto had already warned Pasig residents about the Ponzi scheme. In his social media pages, he also posted advise and tips on how to detect and avoid online fraud.
View Mayor Sotto's YouTube video on investment scams below: