Remulla: DOJ to scrutinize MFT Group, Foundry Ventures over illegal schemes

Justice Secretary Jesus Crispin Remulla yesterday ordered the Department of Justice (DOJ) to closely scrutinize the complaint filed by the Securities and Exchange Commission (SEC) against the Maria Francesca Tan (MFT) Group of Companies Inc. and the Foundry Ventures I Inc. for allegedly masterminding of an illegal investment scheme.

The Task Force on Business Scam headed by Senior Deputy State Prosecutor (SDSP) Peter Ong commenced its first preliminary investigation of the charges against the said corporations.

Stemming from complaints lodged by several investors who participated in the investment scheme, the SEC has found out that MFT offered 12-18% returns to investors through the issuance of postdated checks reflecting a 1 to 1.5 percent monthly interest.

Investors were given either a promissory note or a borrower-lender agreement as proof of their investment.

However, all of these were executed without proper documentation and registration with the SEC, making the same as illegal.

Remulla said, "Meticulously uncover every detail surrounding this case, look closely into every angle and if necessary, charge everyone who is proven to have defrauded our precious Filipino investors."

He added that investments are the life and blood of the economic sustainability and the immediate resolution of the case is a top priority.