FOUR Cagayan policemen are under probe by the National Bureau of Investigation (NBI) for alleged involvement in a large-scale ‘paluwagan’ scam.
‘Paluwagan’ is a Filipino term for a common savings plan among a group of individuals who contribute specified amounts of money and take turns in collecting their savings.
The investigation was launched after Cagayan police hierarchy and the NBI received mounting complaints against a Ponzi-like or pyramid investment schemes that implicated the four police 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 Cagayan police chief Col. Julio Gorospe.
The probers were still trying to determine the amount of money involved.
The accused officers have been placed under restricted status while the investigation is ongoing.
The provincial and city governments backed the investigation to hold those responsible for the alleged scam accountable.