The Department of Justice (DOJ) on Tuesday gave individuals implicated in the alleged illicit investment activities involving Maria Francesca Tan (MFT) Group of Companies, Inc. and Foundry Ventures I, Inc. 20 days to file their counter-affidavits.

This after the respondents, represented by their lawyers, asked the DOJ prosecutors more time to file during the first day of the preliminary investigation, to refute the charges filed by the Securities and Exchange Commission (SEC), citing the voluminous complaints and annexes.

This prompted the panel of prosecutors led by Senior Assistant State Prosecutor Jovyanne Santamaria to grant a 20-day extension, or until 3 June.

The Task Force on Business Scam, headed by Senior Deputy State Prosecutor Peter Ong, mandated that the respondents appear in person on 3 June at 1:30 p.m. to swear their affidavits.

The counsels was also requested by Ong to submit digital copies of their counter-affidavits to the panel.

Investors who were convinced to join the MFT Group’s investment plan, which later rebranded as Foundry Ventures, lodged complaints with the SEC.

Allegedly, the MFT Group promised returns between 12% and 18%, labeled as interest income.

 Apparently, the scheme involved issuing postdated checks indicating monthly interest rates of 1% to 1.5%, accompanied by promissory notes or borrower-lender agreements to validate investments.