Multibillion pyramid scam operated by Aman Futures Group Phils. Inc.
Multibillion pyramid scam operated by Aman Futures Group Phils. Inc., is currently the center of investigation by the Natioanal Bureau of Investigation, Philippine National Police and Department of Interior and Local Government. According to reports, the get-rich-easily scam originated in Pagadian City with its initial center of operation in Mindanao. After its promising huge returns, more and more investors succumbed to the Aman Futures scam which eventually reached the Visayas region. It has allegedly duped over 15,000 investors from Mindanao and Visayas.
Aman Group Philippines Incorporated is a trading company from Malaysia with branches in Manila, Cebu and Mindanao. The company is engaged in the buy and sell business of products, goods and palm oil around Asia.
Their Pagadian City branch which is situated in Kawit, is spearheaded by their president, Mr. Fernardo Luna.
Thousands of people have already benefited from joining and investing to Aman Group Philippines Incorporated (AGPI).
What is AGPI’s business?
AGPI company claims that it engages in buying and selling of products (such as palm oil) in Asia.
It has branches in Manila, Cebu and Mindanao.
Thousands of people have already invested and benefited in the company according to Zamboanga Today online news.
It actually conducted an outreach activity by giving rice and grocery items to thousands of citizens in Barangay Kawit, Pagadian City, Zamboanga del Sur.
The pyramid scam, operated by Malaysian Mohammad Suffian Saaid aka Manuel Amalilio, intially targetted low-income investors such as tricycle drivers and market vendors but professionals and retired employees followed because of the promise of a high return of investment of 70 percent return after 1 week.
The modus operandi of Aman Futures was to offer a return through a postdated check of the entire sum of the investment plus a profit up to 80 per cent. With the huge increase in the number of investors, Aman Futures raised its required minimum investment from 1,000 to 200,000 pesos. This has resulted to most investors selling houses and valuable properties in order to meet the minimum requirement to invest.
That’s why the Securities and Exchange Commission (SEC) of the Philippines issued an advisory on August 23, 2012 to warn the public against an alleged investment scam in Pagadian City.
Here’s the official advisory of SEC (sec.gov.ph):
NOTICE TO THE PUBLIC
On 17 August 2012, the Securities and Exchange Commission (SEC) received reports that a firm operating in Pagadian City, offers securities to the public with a promise of “double your money” for the investment made. Investors lined-up to be accommodated because of the representation that a P50,000.00 investment would generate an “assured” 50%, or P50,000.00 yield in a month.
The public is reminded to be over-cautious or exercise prudence in investing their money in what appears to be a high-yield risk investment which may turn out to be a fraudulent scheme.
Where the scheme involves the sale of securities, please make sure that these securities are registered with the SEC. In this regard, you may inquire with the Corporation and Finance Department (CFD) of the SEC at telephone numbers 584-6103 or 584-5950.