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The Securities and Exchange Commission has released an advisory against CASHBAKA for its illegal selling of investments to the public without the necessary licenses to do so.
The Commission reports that CASHBAKA entices investors to buy cows from them, and then the illegal firm will return the invested money with 150% to 200% interest within 30 days. CASHBAKA entices investors by promising they would return the initial money invested within 15 days.
Users are asked to register on the website cashbaka(dot)com, download the app, and claim a gift. It is also promising free ₱140 within two days:
Different cows have different prices and different investment opportunities, as stated in this CASHBAKA material:
The Commission said it had done its initial verification and from that alone, CASHBAKA is not registered either as a company or a partnership. In addition, it does not have the authority to ask for investments from the public, as per the Securities Regulation Code (SRC).
The Commission advises the public to be cautious in dealing with CASHBAKA and its representatives.
“The public is further advised NOT TO INVEST or to STOP INVESTING in the scheme being offered by any individuals claiming to represent the said entity.”
Finally, the SEC said those who act on behalf of CASHBAKA may be held criminally liable and penalized of up to five million pesos (₱5 million) or be imprisoned for twenty-one (21) years.
For a list of SEC ADVISORIES, please check: https://bitpinas.com/tag/sec-advisory/
This article is published on BitPinas: CashBaka Scam: SEC Warns Public of Investment Scheme
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