CDA warns vs fraudulent group enticing investors

By Susan Aro

LA TRINIDAD, Benguet - -  The Cooperative Development Authority – Cordillera warned the public  against  a group  of people  introducing themselves as members of a cooperative  and recruiting  individuals to become members  and  collecting deposits or investments promising high returns.

CDA Director Franco Bawang, Jr issued the call to caution people from being victimized by this fraudulent group  going around Baguio City to entice investors for easy money and larger returns.

According to  CDA senior cooperative development specialist Martin Manodon, complaints that reached their office indicated the  group  who claimed  to  be from Laguna, entices  individuals to invest in its  venture promising huge return of investment investment  in the guise of a surety fund program.

Bawang said this happened several times in the past and those involved coops are no longer existing today or their whereabouts unknown depriving investor-members of their hard earned investments.

He further advised the public that prior to joining a certain organization, particularly a cooperative coming from outside the region, to verify first the status of the coop with the CDA Office to make sure if it is a legitimate organization.

Bawang said it would be more prudent to call directly the CDA regional office where they say they come from.