INVESTMENT SCAM. A complaint for syndicated estafa is lodged before the Department of Justice against Mindanao-based investment group Alabel-Maasim Credit Cooperative or ALAMCCO. Photo by LeAnne Jazul/Rappler, is facing a syndicated estafa complaint filed before the Department of Justice on Wednesday, September 25.
Securities Regulation Code against 39 individuals associated with the Alabel-Maasim Credit Cooperative or ALAMCCO.Two private complainants sought the NBI's help in filing the complaint., saying that the group is not registered with the SEC.Investments from the two private complainants and hundreds of their subordinates are worth a combined P62 million.
"However, the said business did not survive, given that it adopts a Ponzi scheme which is an illegal investment activity or a scam punishable by law," the NBI added.
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