NBI Investigates Massive P1 Billion Paluwagan Scam in Pasig City

P1 Billion Paluwagan Scam
P1 Billion Paluwagan Scam

The National Bureau of Investigation (NBI) is delving into a large-scale paluwagan scam in Pasig City, where a company named BNY PAL, also known as “Benta Paluwagan,” and its owner, Rohani Velasco, are accuse of defrauding people of nearly P1 billion. As of now, at least 50 individuals have formally lodged complaints against the company.

The scam came to light when BNY PAL allegedly reneged on its promise to deliver cash dividends to investors starting December. NBI-National Capital Region assistant regional director Joel Tuvera indicated that estafa cases are likely to be file against Velasco and her associates.

Amid concerns that Velasco might flee, a hold departure order is being consider. BNY PAL purportedly operated a rotating credit and savings association. Requiring members to pay for slots with the allure of returns up to 40 percent of their investment. Including the option to buy or sell their slots in the payout schedule.

Pasig City Mayor Vico Sotto highlighted that BNY PAL, although a registered wholesale trading company in Pasig, did not have the necessary authorization for investment and lending businesses. He likened the company’s operations to a pyramid scheme.

The NBI plans to release initial findings within two weeks. Mayor Sotto urged the public to verify firms’ credentials with the Securities and Exchange Commission and be cautious of unusually high returns.

The scope of the scam was further revealed by one complainant, a reportedly friend of Velasco. She claimed that the money squandered on luxury items. This led to a situation where Velasco allegedly declared the funds frozen by the Anti-Money Laundering Council. Furthermore, an ABS-CBN report disclosed that a Pasig City councilor admitted to investing P3 million in BNY PAL.

This case highlights the importance of due diligence in financial investments. It also raises awareness about the potential risks involved in seemingly lucrative investment schemes.

Read Also: Illegal Recruiters Suspected in Tragic End of 7 in Sapad, Lanao del Norte


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