Authorities Raid Online Lending Company in Pasig City
Authorities conducted a major raid on an online lending company in Pasig City, apprehending 168 employees on Tuesday afternoon. The operation stemmed from a search and seizure warrant issued by the Regional Trial Court Branch 46 in Manila. This crackdown aims to address widespread borrower harassment linked to the company.
During the raid, officials seized hundreds of pre-registered SIM cards, text blasters, and harassment scripts used to pressure borrowers. According to sources, these tools were instrumental in the company’s aggressive collection tactics.
Foreign Owner Linked to Operations
Investigators identified a Chinese national, known by the alias Jason, as the company’s key figure. “The supervisor there mentioned a certain Chinese individual, alias Jason… We already got one of his travel documents,” a task force official shared. This individual recently entered the country on June 8 and left on July 10 under a 9G visa, which is a pre-arranged employment visa.
Months of Surveillance Uncover Harassment
The raid followed extensive surveillance and investigation over several months. A former employee’s testimony was crucial, revealing the company’s deceptive practices. Victims were often instructed to send payments to personal GCash or bank accounts, falsely told these payments would clear their loans. Yet, harassment continued despite their payments.
Tragically, the case also involves a July 4 incident where a Valenzuela City man took his own life due to relentless harassment from the lending company’s collectors. This incident has intensified the call for stricter regulation and accountability.
Regulatory Review and Possible Charges
Regulators are now reviewing the company’s legitimacy, with the Securities and Exchange Commission examining its operations for possible exploitation of the system. Meanwhile, those arrested may face charges under several laws including the Truth in Lending Act (RA 3765), the Data Privacy Act (RA 10173), and the Financial Products and Services Consumer Protection Act (RA 11765).
This raid sends a strong message against predatory online lending practices that harm vulnerable borrowers. Authorities vow to continue monitoring and prosecuting offenders to protect consumers.
For more news and updates on online lending company in Pasig City, visit Filipinokami.com.
