The Securities and Exchange Commission (SEC) filed criminal charges against 153 individuals of 18 lending firms, citing falsification of documents, perjury and other violations of lending regulations.
SEC Commissioner Emilio Aquino said the SEC Enforcement and Investor Protection Department (EIPD) filed 18 criminal complaints against the officers, directors, stockholders, agents and unnamed individuals linked to the 18 lending firms at the City Prosecutor’s Office of Pasay City
The lending firms are 7 Lions Lending Management Corp., Amsuda Lending Corp., Bhati and Jogi and Swali Lending and Trading Corp., Dr. Verma Lending Corp., Maan & Bhaker Landing Inc., Manak Pur Lohara Lending Corp., Paramjit Harvinder Gold Lending Inc., Purewal and Rashpal Lending Inc., Divya and Kavita Lending Corp., Satguru Lending Corp., Sartaj Lending Inc., All In 7000 Lending and Trading Corp., Balak1008 Lending and Trading Inc., Star 77777 Lending and Trading Inc., Chardikla 786 Lending and Trading Inc., Naurasidhu55 Lending and Trading Corp., Phil 86 Gurunanak Lending and Trading Corp. and X-Ceee86 Lending and Trading Inc.
“The President himself has been vocal about ridding the country of these entities engaged in illegal lending and we will end their illegal ways by revoking their primary registrations,” Aquino said. “We also plan to blacklist all company service providers/facilitators who had a hand in submitting these spurious documents.”