Council calls probe of online fraud, ‘Ploutus Coins’ in Oro

By LITO RULONA
Correspondent .

Online businesses in Cagayan de Oro City would now be placed under surveillance in the wake of last week’s announcement made by the Security and Exchange Commission against a company for allegedly engaged in Internet fraud in the city and nearby provinces in the region.

On Monday an urgent investigation even was called by the City Council into the alleged proliferation of online business scam like a “Ploutus Coins”, an association called it “Freedom Traders Club” (FTC).

The Council would now look into reportedly online fraud together with SEC regional office 10, the National Bureau of Investigation (NBI-10), Cagayan de Oro City Police Office (Cocpo) and the Department of Trade and Industry – 10 (DTI-10), said Council’s Committee on Trade, Commerce and Industry chair Councilor Alfonso Goking.

SEC received reports of companies similar to Freedom Traders Club that are duping online customers with various money scams.

SEC-10 regional director lawyer Renato Egypto earlier advised online traders to stop and withdraw their investments with the FTC and seek assistance at their office in the filing of formal complaint if no refund would be made.

“Those business schemes that are not registered with our office are like a pyramiding scams considering that they engaged with huge of money,” said Egypto, adding that they are recruiting other people to join and invest in this venture and offer immediate return of investments (ROI).

SEC according to Egypto has received information that Freedom Traders Club through its founder Mark Freeman, are even offering a crypto currency called PLOUTOS COIN to the public.

SEC said Freedom Traders Club is allegedly not registered as a corporation or partnership and not authorized to solicit investments from the public.

“We have sent several individual to join the FTC and invest with them. Those being sent were the one who conducted an initial investigation based on the FTC activity and orientation,” he said.

Goking said a Task Force would also be created to track down those persons who are involved and victimized thousands of residents in the city and nearby provinces.

“If the SEC and DTI issued statements that they are not recognize, then they are not allowed to engage any kind of business to the residents in Cagayan de Oro and nearby provinces,” he said.

He said he received information that those among other leaders were coming from prominent families in the city who were also victimized by the said business founder only known as Mark Freeman.

“Kung dili sila illegal then I am challenging the officers and leaders of the Freedom Traders Club to come into the open and to shed light before the committee level that there business is legal og dili kini scam like other businesses that was busted before,” he said.