Roxas probes firm in alleged 'double your money' scam in Pagadian

A scam allegedly victimizing pedicab drivers, vendors and police officers in Pagadian City in Zamboanga del Sur has been discovered and is now under investigation.   The scam reportedly involves Aman Futures Group Phils. Inc., which allegedly promised an investment ranging from 30 to 40 percent in less than a month.   The profit would reportedly come from a Malaysian brokerage firm named Okachi, which is supposedly engaged in futures trading of commodities such as oil, manganese, palm oil, and nickel.   “The complaints continue to reach our office,” said Interior and Local Government Secretary Mar Roxas, who flew to Pagadian City on Friday to "dig deeper" into the supposed scam.   Initial reports said Aman Futures would ask investors to place their money to a double-your-money investment scheme, promising them a return of the entire sum of their investment in the form of post-dated checks.   “Several local officials in Zamboanga del Sur have also called expressing their concern over the so-called scam. I decided to fly to Pagadian so we can get a clearer picture of the problem,” Roxas said in a statement.   According to the statement, 80 percent of the investors were from Pagadian, but even those from Marawi, Iligan, and Ozamis City were allegedly scammed as well.   The statement also said the Securities and Exchange Commission issued last October 8 a cease and desist order to Aman Futures, ordering it to immediately stop offering unregistered securities, soliciting investments, or pooling funds. According to the SEC, Aman Futures chairman Manuel Amalilio said during the hearings that  the transactions were done in good faith without knowing fully well that there is a need for a special permit or secondary license to engage in such."   But Roxas said “[t]his investment scheme bears red flags all over it. It’s important that we do not only get to the bottom of this; we also need to ensure the prosecution of persons responsible and give justice to their victims.”   Roxas said the Anti-Money Laundering Council can investigate the flow of money of the company, its board members and executives, and “easily determine” the amount in the accounts and if these are from illegitimate investments or not. — Gian C. Geronimo/KBK, GMA News