SEC warns public against dealing with Wahana Credit and Loan Corp.

The Securities and Exchange Commission (SEC) has warned the public against dealing with Wahana Credit and Loan Corporation and the Wahana Multi Purpose Bank.

"For the information of the public, Wahana Credit and Loan Corporation / Wahana Multi Purpose Bank are not authorized to solicit investments from the public as they have no necessary permit from this Commission," the corporate regulator said in an advisory.

READ: Securities and Exchange Commission o SEC, nagbabala sa publiko laban sa Wahana Credit and Loan Corporation/Wahana Multipurpose Bank sa Las Piñas City. | via Mao dela Cruz pic.twitter.com/aIKDeJvwIt

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Wahana is said to conduct its operations in its office located at the RR Gonzales Commercial Building at 467 Alabang-Zapote Road in Las Piñas City.

According to the SEC, it received information that the company was involved in lending money to casino players and it is soliciting investments with a promise of a 12-percent weekly interest or a 48-percent monthly interest in return.

"Wahana Credit and Loan Corporation / Wahana Multi Purpose Bank are not SEC-registered entities and were not issued Certificates of Authority to Operate as Lending and/or Financing Companies," it said.

The SEC also warned the public that those who invite or recruit other individuals to join the venture may be held criminally liable.

"In view thereof, the public is hereby advised to exercise self-restraint and caution or more prudently to stop investing their money into such investment activity and to take the necessary precautions in dealing with the above-named entity and/or its representatives," it said. —Jon Viktor Cabuenas/KG, GMA News