The National Bureau of Investigation (NBI) arrested a suspect who claimed to be an employee of Welfare Employees Multi-Purpose Cooperative (WEMPC) during the entrapment operation.

WEMPC is a registered cooperative under the Cooperative Development Authority (CDA).

According to the Department of Social Welfare and Development (DSWD), the suspect allegedly recruited investors through social media groups, while unauthorizedly using the name of the agency.

“Based on initial information, Guzman, who presented herself as the cooperative’s general manager, allegedly recruited investors through posts in various social media groups and presented a purported DSWD Notice of Award as proof that WEMPC had been awarded a catering services project,” according to the online issued statement by DSWD.

The DSWD added that the suspect allegedly told prospective investors to receive 10 to 15% ROI  within a one-year contract.

“The suspect allegedly told prospective investors that additional capital was needed to fund the project, and offered investors a 10 to 15 percent return on investment within a one-year notarized contract, with post-dated checks supposedly to be issued by WEMPC to participating investors,” according to the DSWD

The suspect is currently in NBI custody.

Meanwhile, DSWD Assistant Secretary Irene Dumlao reminded the public to verify before committing to any investment transactions, and stressed that the name of the agency should never be used to entice people to invest.

Dumlao added that the agency will closely coordinate with law enforcement agencies to identify other individuals involved in similar fraudulent schemes and hold them accountable.