CIDG confiscates around P23 million from alleged investment firm in Agusan del Norte

June 27, 2019

The Philippine National Police's Criminal Investigation and Detection Group ( CIDG) on Wednesday confiscated around P23 million from an alleged investment scam firm in Agusan del Norte.

In a police report, it said around 3:30 pm a CIDG unit in Agusan del Norte received a call from an informant saying a certain FRX Rice Trading Investment Scheme was releasing their payouts at the municipality of Talacogon, Agusan del Sur.

But even before the CIDG operatives reached the municipality, the informant told them the staff of the firm fled towards Butuan City upon sensing arrival of authorities.

After continuous monitoring and contact with the informant, around 7:30pm, operatives spotted the location at District II Brgy. Cubi-cubi, Nasipit in Agusan del Norte with support from the military.

Authorities saw the group in the act of claiming their payout but after they  saw them approaching, the group scampered to different directions to evade arrest.

The CIDG os conducting manhunt operation against the suspects and they will face violation of Republic Act 8799 known as "Securities Regulation Code".

The police operation is in connection with President Rodrigo Duterte’s directive against the alleged proliferation of investment scams in Mindanao. Ella Dionisio/DMS