KIDAPAWAN CITY — Investors in what police have tagged as a Ponzi scheme ransacked the stores of “Bodega ni Carina” after its collapse, with its owner allegedly now in hiding.
Village security guards and police have tried to secure several abandoned and empty branches of the store from irate customers who lost their money, police said.
Local officials in Kidapawan City told reporters on Tuesday Mayor Jose Paulo Miguel Evangelista had warned his constituents against Bodega ni Carina.
“That was virtually an illegal Ponzi scheme, pyramid investment scam,” said Ferdinand Caspe Cabiles, the Trade department’s director for Cotabato province.
The agency has tagged the investment scheme for selling substandard goods, he added. — John Felix M. Unson