The Securities and Exchange Commission has brought Suncash Lending Investors Corp., UCash Lending Investors Corp., Suncredit.ph Finance Corp., and ECredit Finance Inc. before the Department of Justice for criminal prosecution for operating unregistered online lending platforms.

The SEC Enforcement and Investor Protection Department on 20 December filed a criminal complaint against Suncash, UCash, Suncredit and Ecredit for failing to disclose its online lending applications, in violation of Republic Act 9474, or the Lending Company Regulation Act and Republic Act 8556, or the Financing Company Act.

The Commission implicated Qi Lu, the president of Ecredit, Suncash, and Suncredit, who was also found to be the beneficial owner of Suncash alongside Zhu Junfeng. Junfeng is also a director of the three other companies.

Incorporators charged

Also implicated in the complaint were other incorporators, directors and officials of the companies, including Chang Yuting, Joyclyn V. Pelayo, Chang Tao, Bryan Dordas Pelayo, Jasmin Tabjan Vianzon, Jayson Lee, Meng Jie, Xiaofang Song, Danilo Felicilda, Roger Publico, Yaping Liu, Xianming Tian, Shiling Xu, Xiaobo Pan, Sheila Pagkalinawan, and Xiaojing Luo.

The EIPD, together with the Philippine National Police Anti-Cybercrime Group, Eastern District Anti-Cybercrime Team, Manila Police District, and the Special Weapons and Tactics Philippines, previously implemented a warrant to search, seize, and examine computer against Suncash, as part of the SECs crackdown against unregistered lenders.

The Makati Regional Trial Court Branch 147 issued the search warrant against Suncash upon several complaints received by the PNP-ACG and the SEC against the company.

During the implementation of the search warrant, it was discovered that other lending companies, including Ucash, Suncredit, and Ecredit, had been operating alongside Suncash in its headquarters in Sampaloc, Manila.