The Securities and Exchange Commission (SEC) has cautioned the public that an entity named CASHBAKA is far from being a cash cow.
SEC issued the warning after it received information that individuals or group of persons representing CASHBAKA are soliciting investments from the public with the promise of high monetary rewards or profits.
CASHBAKA is enticing the public to invest by purchasing cows for a promise of receiving 150 percent to 200 percent interest within 30 days, including a return of capital within 15 days.
Based on an initial verification from its database, the SEC said CASHBAKA is not registered with the commission either as a corporation or partnership, and is not authorized to solicit investments from the public.
“In view thereof, the public is hereby advised to exercise caution in dealing with any individual or group of persons soliciting investments for and on behalf of CASHBAKA,” the SEC said.
“The public is further advised not to invest or to stop investing in the investment scheme being offered by any individuals claiming to represent said entity,” it added.