The Securities and Exchange Commission-Davao advisory on the REPA/REPA Paluwagan money investment scheme (Photo courtesy of SEC – Davao)

DAVAO CITY – The Securities and Exchange Commission (SEC) in Davao has warned the public on Wednesday against investing in the new money scheme called Repa Paluwagan.

In a statement, the SEC-Davao clarified that the operation of the entity is a “Ponzi Scheme,” an investment fraud that involves the payment of purported returns to existing investors from funds contributed by the new investors.

Data from the Davao City Anti-Scam Unit (ASU) revealed that around 50 investors of the particular money scheme operation have filed complaints against its administrators.

The complainants who invested more than PHP10 million revealed that the administrators have allegedly run off with their money.

“This advisory is prompted by reports and inquiries received by the Commission from the public asking whether Repa/Repa Paluwagan with operations in Bohol, Davao, Bukidnon, and Cebu is registered with the Commission and if it can solicit investments from the public,” the SEC-Davao said in a statement.

The SEC-Davao added that the Repa or Repa Paluwagan company does not appear as a registered…

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