Panabo City Police in Davao del Norte on Monday arrested 2 men and 1 woman who were allegedly among the operators of Mer’s Business Center, which is allegedly an illegal investment scheme.
According to police, the Security and Exchange Commission (SEC) banned the business from operating and collecting money from investors because it did not have a legal and corresponding license.
Authorities also filed a complaint against the said group who allegedly illegally collected money.
A 61-year-old man, allegedly Mer’s manager, a 56-year-old man, and a 29-year-old woman were arrested.
Recovered from the three were P30,000 alleged investments by the complaining investor and P477,000 believed to be from the victim investors.
Last month, the SEC-Davao issued a notice against the company.
“Mer’s Business Center offers an investment scheme to the public through its so-called ‘Contractual Joint Venture Agreement’ where members or business partners are promised 30% monthly interest for 1 year or 360% in 12 months,” the advisory said.
MER’S BUSINESS CENTER offers an investment scheme to the public through its so-called “Contractual Joint Venture Agreement” where members or business partners are promised 30% monthly interest for 1 year or 360%in 12 months renewable for another 12 months after its expiration.
3 operators of Mer’s Business Center arrested in Panabo; P500k recovered
These Investment Plans have been offered in MER’S BUSINESS CENTER branches and satellite offices which are made known to the public through Facebook Live posts/videos by Roger Camingawan in his Facebook pages “Roger Camingawan” and “Isumbong mo kay Kapartner Roger Camingawan,” as well as in the YouTube Channel “Kapartner Mo Channel.
“Records of the Commission show that MER’S BUSINESS CENTER is not registered as a corporation or partnership. However, MER’S BUSINESS center has been issued a Certificate of Business Name Registration on23 December 2020 by the Department of Trade and Industry with Business Name No. 2363068 under the name of its owner, REYNALDO ABING CAMINGAWAN. Nonetheless, MER’S BUSINESS center is not authorized to solicit investments from the public as it did not secure prior registration and/or license to solicit investments from the Commission as prescribed under Section 8 of the SRC,” SEC said.
Those arrested have been taken into custody, and the case is being prepared.
Meanwhile, the SEC-Davao thanked the Panabo City Government and Panabo City Police for the action taken against Mer’s leader and two of its personnel.