Davao City, Philippines - "Pag hindi nyo itinigil ang pagrerecruit nyo dito sa Davao, may kalalagyan kayo" Mayor Rodrigo R. Duterte ordered the Criminal Investigation and Detection Group (CIDG) 11 to stop the operation of an online gold selling company in the city.
In an interview on Wednesday afternoon, Duterte said he wants to restrain the operations of the company since it has no permit to operate here.
The mayor was apparently referring to the operations of Emgoldex and Global InterGold which are allegedly networking companies.
The Securities and Exchange Commission (SEC) had earlier warned the public against dealing with Emgoldex because it is not registered with the SEC. It issued the warning after finding “bogus SEC public advisories” concerning Emgoldex bearing the SEC logo.
Emgoldex allegedly changed its name to Global InterGold a few months ago. Duterte said aside from the absence of a permit, the company is not allowed to deal in gold in its operation in order to attract investors.
“You are not supposed to be dealing with gold in the first place. In the second place you do not have a permit,” he said. (Source)
Duterte said it is not possible for the company to procure gold because it needs a permit from the Bangko Sentral ng Pilipinas (BSP) first. “It is a pyramiding thing, I can sense it,” he said. “We will nip it in the bud,” he added.
The National Bureau of Investigation, the BangkoSentral ng Pilipinas, and the Department of Trade and Industry are also investigating Emgoldex’s pyramid scheme. A cease and desist order had reportedly been imposed on Emgoldex in Massachusetts, USA, and it has reportedly been banned in Finland, Colombia, Estonia, and Panama.
People who try to recruit “investors” in Emgoldex claim that the company is registered in Europe, but a complaint filed by Massachusetts Secretary of State William F. Galvin showed that it is registered in the Seychelles, an island nation off Africa. Armando B. Fenequito Jr.
Related Article: - Shocking Why Emgoldex change to Global InterGold
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