Four members of the Philippine National Police (PNP) in Cagayan are placed under scrutiny by the National Bureau of Investigation (NBI) for their alleged involvement in a large-scale ‘paluwagan’ scam.
‘Paluwagan’ is a Filipino financial term, which refers to a common savings plan between a group of individuals, where they pool specified amounts of money and take turns in collecting the funds.
The investigation was launched after PNP Cagayan and the NBI received 150 and 200 complaints, respectively, regarding Ponzi-like or pyramid investment schemes that implicated the four officers.
“They are recruiting and encouraging others, and many have been encouraged, we are investigating. I don’t know, my wife was also a victim,” said Police Colonel Julio Gorospe, Provincial Director of PNP Cagayan.
Authorities are still determining the total amount of money involved.
The accused officers have been placed under restricted status while the investigation is ongoing.
The provincial and city governments are also supporting the investigation to hold those responsible for the alleged scam accountable.
