BAGUIO CITY – The Court of Appeals (CA) granted the application of the Anti-Money Laundering Council (AMLAC) for the freeze order on the numerous bank accounts of some twenty three individuals directly linked with the Satarah Wellness, one of the celebrated investment scams in the locality, in some sixteen banks.
The CA freeze order against the named individuals and groups linked to Satarah Wellness is good for 20 days wherein the covered persons, banks and governments agencies shall cease and desist from allowing any transaction, withdrawal, deposit, transfer, removal, conversion, other movements, concealment or other disposition of the pertinent monetary instruments or property subject to possible modification or extension for a period of not more than 6 months.
Meanwhile, the CA scheduled a summary hearing on the said case on July 2, 2019, 10 am, Paras Hall, Main Building of the court to determine the prospect of modification, recall, or extension of the period not exceeding 6 months.
The CA stated that within 24 hours from notice of the freeze order, the covered persons, institutions and government offices are required to submit a detailed report on the freeze order with complete details on pertinent and relevant information on the frozen bank accounts, insurance policies, including all related accounts, with the corresponding explanation as to why they are treated as related accounts, per Section 4, Rule 10 of the 2018 implementing rules and regulations of Republic Act (RA) 9160 as amended.
In as much that it was reflected from available data on file of the verified ex parte petition for issuance of a freeze order that there is probable cause that the series of deposits, withdrawals or investments, including related accounts of the key personalities, corporations or entities and pieces of property, are apparently related to an alleged unlawful activity or a money laundering offense under Section 2 of RA 10365, the ex parte petition is deemed granted.
Satarah Wellness had been accused by investors to have been involved in an investment scam in the region after it solicited investments from willing individuals in exchange for promised high return on investments ranging from 15 to 20 percent monthly interests on their placements.
The CA freeze order was already transmitted to the different individuals, corporations, institutions and government offices for their information, guidance, ready reference and further needed action while awaiting the results of the summary hearing that will be conducted during the week.
However, sources claimed that some of the individuals, corporations and institutions whose banks accounts were frozen by the appellate court actually filed cases against the key personalities of the controversial investment company that is why they will seek the exemption of the CA from the coverage of the freeze order during the scheduled summary hearing.
Some officers of the Satarah Wellness investment firm are reportedly detained at the Baguio City jail following the numerous syndicated estafa and estafa charges filed against them by their hundreds of investors before various courts in the city over the past several months after they failed to get the promised return of their investments and the capital that they placed. By HENT