Freeze on MFT group Financial accounts Extended
The Philippines’ Court of Appeals (CA) has tightened its grip on by extending the freeze on mft group financial accounts for another six months. This move aims to safeguard public interests while authorities build a case against the company.
The freeze, initially imposed in May due to suspicions of illegal activity, covers 138 bank accounts, investment holdings,and insurance policies linked to MFT Group and affiliated businesses. Fearing the potential disappearance of assets, the CA rejected MFT’s request to lift the freeze and extended it until November 9th.
Justifying the freeze, the CA explained it’s a temporary measure to prevent the movement of assets potentially connected to a fraudulent investment scheme. The Anti-Money Laundering Council (AMLC) had initially requested the freeze based on probable cause.
Investigations by the Securities and Exchange Commission (SEC) uncovered that MFT Group offered suspiciously high guaranteed returns on investments, potentially funded by post-dated checks and promissory notes, raising red flags.Consequently, the SEC filed criminal charges against MFT Group for unauthorized investment activity and financial misrepresentation. Additionally, a permanent cease and desist order was issued, stopping MFT Group from soliciting further investments.pen_sparktunesharemore_vert
