Reality bites

As we confront today’s tough money scene, where the cost of living is skyrocketing, unemployment casts a dark shadow, and currency devaluation is squeezing us tighter, hardworking individuals find themselves easy prey for heartless fraudsters and scammers.

Exploiting people’s financial vulnerabilities, these predators dangle false promises of lucrative returns through too-good-to-be-true investment schemes.

Recently, a distressing incident unfolded in which more than 40 unsuspecting victims reportedly fell prey to a scam orchestrated by a certain Michaela Togonon. These individuals woke up on the morning of 17 June to the harsh reality they had been swindled out of their hard-earned money. A staggering P300,000 was lost to the scammer and her accomplices through their deceitful practices.

Who wouldn’t be lured into investing as low as P500 to earn P650 in 7 days (trial plan)? Five thousand pesos would earn 200 percent interest after 20 days (mid-summer plan), while a pro-power plan offered 400 percent interest after 35 days.

To the savvy eye, the scheme would instantly raise red flags. But for those hopeful souls yearning to secure a brighter future for their kids’ education or cover hefty medical bills, it’s a risky gamble they can’t afford to pass up.

The victims found themselves abruptly cut off from a group chat created on 17 May which had served as a platform for the fraudulent activities, leaving them with a sense of betrayal and loss.

The deceptive scheme was conducted under the guise of a company called Virto Crypto Trading Venture Holdings OPC, which purported to be engaged in trading and investments.

Investigation revealed the company’s operations were not only dubious but illegal. It was too late for the victims when they discovered that the Securities and Exchange Commission had revoked Virto Crypto’s two-month-old registration on 3 April 2024, supposedly signaling the end of its fraudulent activities.

The SEC’s stern order declaring Michael, Mikey, Miles, and Michaela Togonon, linked to Virto Crypto, accountable for their involvement in an investment fraud appears to have slipped past the victims, who hail from various corners of the country.

The fraudsters are still out there, scot-free, and ready to pounce on those with money troubles with their incredible tricks. They are now using a new Facebook account name.

Exposing the company’s deceitful tactics, such as spreading misinformation and peddling fraudulent compensation schemes disguised as registered securities, is just the beginning for the over 40 victims, who could potentially number in the hundreds.

Tossing and turning through sleepless nights, plagued by mental anguish, their resounding pleas echo loud and clear: Justice will only prevail when those accountable for these despicable deeds are captured and face the consequences they deserve.

As the tough times continue and good investment opportunities are hard to come by, people must be vigilant and thorough in their financial dealings. Law enforcers need to keep their eyes peeled, bust scammers, and protect everyone from getting ripped off through these shady schemes, thereby creating a safer financial landscape free from the grip of unscrupulous actors looking to exploit the vulnerable.

Albert Einstein’s words resonate: “The world is a dangerous place to live, not because of the people who are evil, but because of the people who don’t do anything about it.”