The Department of Trade and Industry in Negros Oriental is investigating three or four financial and/or investment schemes in Dumaguete City and other parts of the province.

Provincial DTI chief, Javier Fortunato Jr., has issued a warning to the public while the National Bureau of Investigation and other law enforcement agencies are digging deeper into the “Ponzi schemes” that could be fraudulent and may have already victimized some places, Angeline Gonzalez of DTI said.

The DTI refused to name the investment operations to avoid compromising the investigation, but said these perceived scams involve luring the public to invest in their operations with promises of huge returns on investment.

One indication of a scam, or a Ponzi or pyramiding scheme, is that it does not sell a specific product and only involves an investor shelling out money in exchange for high returns of their investment after a certain period, Gonzalez said.

The DTI has unraveled what seem to be some Ponzi or pyramiding schemes existing in Dumaguete and Negros Oriental, with some notable personalities even involved, either as an investor, or as part of the perceived fraudulent financial investment program, she added.

Some of these schemes are even registered with the Securities and Exchange Commission as a legitimate investment vehicle or strategy.

The common fraudulent promotional methods include “double your money”, “easy money” and “quick money” with cash as capital that will earn interests through the recruitment of more investors.

The DTI has advised the public to be cautious about investing their money in these financial investment vehicles by asking for documents and proofs, such as receipts, as well as verifying with the SEC if these are registered, particularly if an investment product is being offered.

For verification, the public can contact the DTI office.*JFP

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