The Department of Education (DepEd) has cautioned the public against a car loan scam called “Labas casa” or Assume Balance/Loan Accommodation.
In the advisory posted on its official Facebook page on Friday, the DepEd noted that it has discovered more cases of the scam, which targets public school teachers.
“In cooperation with law enforcement authorities, DepEd found out that there are 29 cases currently filed against the perpetrators of this fraudulent scheme that originated in Pampanga, according to a recent investigation,” the department said.
A few months ago, teachers sought help from the Presidential Anti-Organized Crime Commission after being victimized by the scheme, which lured them to apply for a car loan in exchange for a certain amount of cash, including the down payment for the unit, and a promise of passive income in a transport network vehicle service as incentives if the loan is approved.
However, the perpetrators, who appear to have connections to car dealers and bank employees to facilitate a pre-arranged loan approval, abandon the victims once the mortgaged cars were turned over to them, putting the victims in deep financial trouble.
The DepEd promised to continue working with the authorities to apprehend the individuals behind the scheme, and to conduct debriefing, counseling, and psychological first aid to the victims.