WILL I GET MY MONEY BACK?

There is this guy, he took money from me saying I’m funding his business of being a loan shark.

He said he needed money to loan his customers, which would come back with interest. He said the initial amount would have a 12.5% compound interest monthly for 6 months. The amount was P5,900 in total which was supposed to give me P11,800. But he only gave me P2,000 so I told him I just wanted my P3,900 since he couldn’t manage. There’s a dozen of us he didn’t pay. I have bank transactions to prove the investment.

Now, he blocked me. I have no way of communicating.

This is going to be complicated. Very complicated.

Firstly, you’re dealing with an industry that is heavily regulated. NBFIRA, the Non Bank Financial Institutions Regulatory Authority, oversees the microlending industry and they have extremely strict rules about how micro-lenders are established and how they behave. I wonder whether this guy actually approached NBFIRA and got their advice or approval before setting up his company in such a strange way? I suspect he didn’t. I checked and the company doesn’t currently appear to be registered with NBFIRA.

I think you should approach NBFIRA and get their advice. As someone who invested in the company, you might need to get their opinions on your status as someone who is a stakeholder in a company that is possibly operating illegally.

I contacted the guy and he made a series of excuses and claimed that the reason there’s a delay is that he’s the subject of a court case. He sent me pictures of court receipts, which suggest that he’s being truthful. However, I don’t think that should be your concern.

In your position, I would approach the Small Claims Court and see if you and the other people who lent him mone can get an order against him for your money.