Lawyer Renan Oliva, head of NBI-Central Visayas, said more than 10 persons came to their office to file complaints against JStore Innovation Worldwide a week after they raided the store last Wednesday, May 25, 2022, in Barangay Pajo, Lapu-Lapu City.
The raid was based on the complaints from clients that the company defrauded them of their investments under the pretext of a multi-level marketing scheme.
According to the complainants, they invested P10,000 to the company in exchange for selling its products such as coffee, liniments, balms, juice mix drinks, health supplements, soaps, and cosmetics.
But what lured them to invest was the promise of the company that their money would double within 100 days regardless of whether the goods worth the value of their investment are sold or not.
Their income does not also depend on their downlines as long as they can maintain their investment, Pura said.
One of the investors who refused to be named said the company forced them to re-invest another P10,000 after reaching the minimum investment amount, but the promised bonus from their investment was never given to them.
According to lawyer Vicente Felizmenio Jr., director of the Securities and Exchange Commission, JStore Innovation is not authorized to solicit investment from the public.
He also stated in a certification issued on May 18, 2022, that its president has no license or registration to act as a capital market professional such as broker, dealer, and investment solicitor.
This led Presiding Judge Ruelo Saladaga of Lapu-Lapu City Regional Trial Court Branch 69 to issue a search warrant against the company on May 25.
Oliva said the additional complainants came from different places in Metro Cebu like the cities of Cebu, Mandaue and Lapu-Lapu.
He added that at least 10 additional victims have filed complaints against the store.
“We got their complaints, we requested them to submit proof of their investment,” Oliva said.
The complainants alleged that JStore did not make true to its promise to give their investments back with highest returns.
“It’s not true, that interest rates are too high. We have already encountered cases like these in past like organic, love gift. This is too much,” Oliva said.
The bureau chief advised the public not to be easily deceived by company’s offer but check first if the latter’s operation is legal.
“The basic of that is to go to the proper government agencies like the Securities and Exchange Commission and seek their advice,” he said. (BBT, TPT)