Roxas orders probe on scam victimizing Mindanao folk

MANILA, Philippines - Interior and Local Government Secretary Mar Roxas has ordered an investigation into the operations of a firm owned by a Malaysian-Filipino linked to a double-your-money scam that has victimized ordinary folk in Pagadian City and other parts of Mindanao.

Roxas personally flew to Pagadian City to check on the firm’s victims, mostly pedicab drivers, vendors, and even police officers.  

“The complaints continue to reach our office. Several local officials in Zamboanga del Sur have also called expressing their concern over the so-called scam. I decided to fly to Pagadian so we can get a clearer picture of the problem,” Roxas said.

Initial reports said a trading firm, identified as Aman Futures Group Phils. Inc., allegedly lured investors by encouraging them to place their money in a double-your-money investment scheme.

He said those who placed their money, mostly low-income earners, were promised a return of the entire sum of their investment in the form of post-dated checks, plus investment profit ranging from 30 to 40 percent in less than a month.

Aman representatives claimed that the profit from the investments would come from a Malaysian brokerage firm, Okachi, supposedly engaged in futures trading of commodities such as oil, manganese, palm oil, and nickel.

About 80 percent of the scam victims reside in Pagadian, and the rest in the cities of Marawi, Iligan, and Ozamiz.

“This investment scheme bears red flags all over it. It’s important that we do not only get to the bottom of this, we also need to ensure the prosecution of persons responsible and give justice to their victims,” Roxas said.

Considering the volume and amount of transactions handled by Aman, the Anti-Money Laundering Council (AMLC), according to Roxas, can probe the company’s flow of money, including its board members and executives.

Last Oct. 8, the Securities and Exchange Commission issued a cease-and-desist order to Aman Futures, which was directed to immediately stop offering unregistered securities, soliciting investments or pooling funds.

Aman Futures is reportedly chaired by one Manuel Amalilio, a Malaysian-Filipino. Media reports, citing SEC records, said one Isagani Laluna sits as the company’s corporate secretary and a certain Lurix Lopez is a member of its board of directors.