Vice Governor Rene Lopez Relampagos has urged the public to be cautious and be wary of fraudulent investment schemes that are proliferating in society nowadays.
This comes following the “repa” investment scheme that was exposed as victims of the said alleged scam claimed to have lost their money.
The victims of the supposed scam were promised huge returns on their investments, but unfortunately, those who were conducting the scheme allegedly were no longer able to return the investments including the interest.
According to Relampagos, not less than three victims of the “repa” investment scheme visited him requesting assistance.
One of the victims who sought help from Relampagos is a female public school teacher.
The public school teacher narrated to the vice governor that she is a reseller of the “repa” scheme.
According to the victim, allegedly her administrator (admin) is someone from Ubay.
Accordingly, this admin from Ubay, allegedly remits the funds collected from investors to a “mother admin” allegedly located in Pikit, Cotabato.
Under the admin from Ubay are about 90 resellers who have buyers, and under the buyers are sub-buyers, the vice governor narrated.
Almost P6 million was involved under the public school teacher’s line. The public teacher, who is a reseller, further said that the funds she obtained from buyers were deposited to certain bank accounts under three bank account names.
The public school teacher said she is now being pressured and threatened by her buyers to return the money that the latter have invested in the alleged scam.
As a way of easing her burden, Relampagos told her that the Provincial Government of Bohol (PGBh) can help victims like her by providing free legal services and coordinating with the various national agencies like the Philippine National Police (PNP), National Bureau of Investigation (NBI) and Criminal Investigation and Detection Group (CIDG).
The national agencies might help pursue cases against the perpetrators of the alleged scheme and to recoup the lost investments.
On Monday, October 11, 2021, the PGBh installed a Help Center at the Bohol Wisdom Gymnasium and provided the victims free legal assistance.
Gov. Arthur C. Yap gave orders to help people affected by the alleged scam by way of Executive Order 49.
The EO mandates government agencies to conduct a swift investigation, immediate case build-up, and urgent filing of criminal and civil cases against the perpetrators.
On Tuesday, Oct. 12, 2021, the Securities and Exchange Commission (SEC) issued an advisory regarding the repa/repa paluwagan that is operating in Bohol, Cebu, Davao, and Bukidnon. It stated that the repa/repa paluwagan is not a registered corporation or partnership. Therefore, the people behind the scheme are not authorized to solicit investments/placements from the public nor to issue investment contracts and other forms of securities as they have not secured prior registration and/or license from the SEC.
Meanwhile, Relampagos hopes that the authorities will find a solution to this problem.
Likewise, he proposes that a financial literacy program will be included in the school curriculum so that the Boholano youth can avoid getting victimized by Ponzi schemes.
“This is a matter of public concern. I hope dile na magpailad ani and that the people will learn from this sad experience. Ang atong Governor uban sa Kagamhanang Probinsya sa Bohol, naghatag aning tabang nga hatagan mo ug kahigayonan nga possible nga mahatagan ug hustiya,” Vice Gov. Relampagos concluded.