PANABO City authorities arrested three people working at a local branch of Mer’s Business Center, which has been tagged by the Securities and Exchange Commission (SEC) as an illegal investment operator.
The city government said representatives of its Business Permits and Licensing Section and the police nabbed on June 14 the company’s branch manager and two other workers, who are all from General Santos City.
Panabo police chief Verna L. Cabuhat said the operation against Mer’s Business Center was prompted by a complaint and she called on other “victims” of the illegal scheme, which promises a 3% monthly interest on investment, to come forward for the filing of charges against the company.
The SEC Davao office, meanwhile, lauded the local government’s action saying it was a “big boost” to the agency’s campaign against illegal investment schemes.
The SEC issued an advisory against Mer’s Business Center last May 6 for solicitations without the appropriate license.
“The Panabo City (local government) and its police are worth emulating for their conscious efforts in running after those who continue to solicit investments without the necessary license,” SEC-Davao said in a statement on Wednesday.