BY JEN BAYLON
ILOILO – An investment firm located on Aldeguer Street in Iloilo City might soon face charges of syndicated estafa. The company abruptly shut its doors and its management could no longer be traced.
More than 30 individuals from various parts of Panay Island, who had invested in Upsolution Online Shop International, allege they have been defrauded.
Police Captain Roque Gimeno III, the head of Iloilo City Police Station 1, said the complaints have been forwarded to the National Bureau of Investigation for a detailed probe into the operation of the investment firm.
Under Presidential Decree 1689, those convicted of syndicated estafa could face a life imprisonment sentence.
The decree defines a syndicate as a group of five or more individuals collaborating on illegal activities, transactions, or schemes, leading to the misappropriation of funds collected from or entrusted by stockholders or members.
The Securities and Exchange Commission (SEC) had issued advisories cautioning investors and shareholders about potential risks when interacting with investment entities.
Among the groups that the SEC had flagged was Upsolution Online Shop International. This entity enticed the public to invest by purchasing shares of stock, promising high returns ranging from P6,000 to P204,000 within 37 days, based on the amount invested.
“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.
Investors are mandated to reinvest their minimum prior investment within three days or they would be blacklisted from further investing in the entity, SEC added./PN
