DAVAO CITY- Mayor Sara Duterte warned Dabawenyos not to fall prey to fraudulent financial schemes.
Duterte said they received complaints from the public against this new money scheme victimizing the public, specifically the Repa Paluwagan - an informal group using a money-lending system claiming to generate high return of investments.
“The Anti-Scam Unit is recently monitoring Repa. I would like to remind the public to be careful when it comes to your money because there are a lot of scam activities now,” she said.
Sara asked Dabawenyos to report to the city’s anti-scam unit if they monitor such unscrupulous activities.
The Securities and Exchange Commission (SEC) Davao, issued a statement last month warning the public against the new investment scheme, which is considered a "Ponzi Scheme" with operations in the cities of Davao, Bohol, Bukidnon, and Cebu.
SEC advisory states that the persons behind Repa/Repa Paluwagan act as "administrators" and "sellers" and communicate with their victim-buyers through Facebook Messenger, or other chat groups and personal transactions. They offer "limited slots" for investment packages where one may invest P50,000 promising a return of P20,000 or an equivalent of 40 percent interest in just two weeks.
SEC-Davao said Repa Paluwagan is not a registered corporation and is not authorized to solicit investments/placements from the public nor issue investment contracts and other forms of securities.
“Our Anti-Scam Unit is investigating a lot of complaints against various scams. I’d like to remind the public not to fall prey to these schemes with unbelievable processes,” Duterte said.
Sara said the public should report this kind of activity and seek the help of the Anti-Scam Unit for immediate action and proper investigation.