The Criminal Investigation and Detection Group 11 raided another investment company in Davao City that is said to be illegally operating. This is the second raid made in Davao City in barely two weeks while several raids are ongoing in other parts of the region.
Armed with a search warrant, CIDG 11 chief Police Major Milgrace Driz and her team forcibly opened the closed office of Organico Agribusiness Ventures along Bonifacio Street, Davao City Tuesday morning.
Inside the 3-storey office were empty tables and chairs and some locked file cabinets. Not a single person was inside. Not a single office computer was found but the internet wi-fi modem was still functioning when the authorities arrived.
Driz said that they have been monitoring the operation of Organico for several weeks and that it was still in operation last week before President Rodrigo Duterte made the pronouncement against all illegal investment schemes operating in the region.
She said that it is obvious that the personnel of Organico hurriedly closed shop over the weekend.
Driz said that they will be filing the case for violation of Section 8.1 of Republic Act No. 8799 otherwise known as The Securities Regulation Code which states that “securities shall not be sold or offered for sale or distribution within the Philippines, without a registration statement duly filed within and approved by the Securities and Exchange Commission”.
A representative from the SEC was also present during the raid.
The modus of Organico is to entice would be investors to sponsor one or more piglets for P3,600 each and for just 90 days their return of investment would be 66%.
Several people loitering outside the Organico office admitted having invested their hard-earned money with some sponsoring to as much as 100 pigs.
Driz said operation of Organico in Davao City was on and off. She said the company also operates in other parts of the region.
A check on their website showed that Organico’s main office is in Cebu. It also has offices in other parts of the country including Metro Manila.
One of the victims said that all they know is that Organico operates a huge farm somewhere in Toril this city.
On their Facebook page, Organico boasts to have several hectares farmland in Davao City and Leyte. It also has allegedly diversified its business ventures to other fields like printing ads, call center sites, LED billboards, banana exports, multimedia production and many more.
Similar raids were also conducted in other parts of the region and the country as well. In Tagum City, authorities also raided the office of Rigen Marketing that is said to be owned by the son of the chief of staff of Davao del Norte 1st District Representative Pantaleon Alvarez.