CIDG raids Organico satellite office in Davao
June 11, 2019 - Tuesday 5:06 PM by Ruth PaloPhoto from CIDG-Davao City Field Unit
DAVAO CITY -- Authorities here raided the satellite office of Organico Agribusiness Venture Corporation along Bolton Street, this city on Tuesday morning following the order of President Rodrigo Duterte to shut down investment firms involved in get-rich-quick schemes particularly in Mindanao.
Joint elements of the Criminal Investigation and Detection Group-Davao City Field Unit (CIDG-DCFU) led by Police Major Milgrace Driz and the Securities and Exchange Commission (SEC) as well as barangay officials conducted the raid through a search warrant issued by the Regional Trial Court (RTC) Branch 20 First Vice Executive Judge Marivic Balisi-Umali.
The warrant said Organico Business Ventures was in violation of Section 8.1 (Registration of Securities) in relation to section 73 of Republic Act (RA) no. 8799 otherwise known as Securities Regulation Code of the Philippines.
In its Facebook page, Organico says it looks for “organic-minded businessmen who are willing to earn organic profit with 100% pure organic heart.”Several posts in the page peg the investment at P3,600, with the company promising to raise a pig for the investor and then give back a 66 percent return on the investment after three months.
The operating team seized several equipment in the office such as 60 boxes of copper drink mix, 40 pouches of full harvest fertilizer, 30 bottles of full harvest fertilizer, one record book, a log book, a list of in-house agents/staff members, various office documents, four Organico tarpaulins, and Organico key chains, mugs, and t-shirts.
The items were brought to CIDG-DCFU to be used as evidence against Organico’s business transactions.
Driz said her office has strengthened its implementation of the order of the President against investment schemes existing in Davao Region.
Driz urged the public not to patronize “too good to be true” investment scheme that promise huge returns.
She also said the authorities are enforcing the President's order to protect both the investors and the investments. (Photos below from CIDG-Davao City Field Unit)
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