BY JEN BAYLON
ILOILO City – Several individuals have come forward to voice their fears regarding a business they had invested in, which has allegedly shut down.
On Monday, Oct. 23, “Tin-Tin” was among those gathered outside Upsolution Online Shop International on Aldeguer Street in the City Proper. They were there hoping to retrieve the promised returns on their investments.
Tin-Tin said she had been involved with the platform for three months. She initially invested P10,500 in a single account and was pleased to receive a P18,000 payout within 37 days, which she successfully withdrew.
Encouraged by this, Tin-Tin subsequently opened 10 more accounts on Oct. 20 and referred an additional 16 accounts, bringing her total investment to P150,000. However, when she went to the office on Monday for her scheduled withdrawal, she was met with a padlocked door.
It is reported that the company has branches throughout the provinces of Iloilo and Guimaras, as well as in Bacolod City. But Tin-Tin’s attempts to reach out to staff at these branches have all been in vain.
Tin-Tin pleaded for the return of her initial investment, even if the anticipated profits could not be realized. She stressed that many, including herself, had invested money they had borrowed.
Panay News welcomes any comments or clarifications from Upsolution Online Shop regarding this issue.
Last week, the Securities and Exchange Commission (SEC) warned the investing public against engaging with three more entities that are deemed unauthorized to solicit investments. One of these is Upsolution Online Shop International.
The SEC said Upsolution Online Shop urged the public to invest by buying shares of stock with a promise of high profits.
The entity promised investors a return ranging from P6,000 to P204,000 after 37 days depending on their investment.
Upsolution Online Shop investors are mandated to reinvest their minimum prior investment within three days or they would be blacklisted from further investing in the entity.
“The investment scheme of Upsolution Online Shop International has the characteristics of a Ponzi scheme promising exorbitant rates of return with little to no risk at all to the investors,” the SEC said. (Additional information from Radyo Bandera Iloilo)/PN
