According to the Securities and Exchange Commission (SEC) of the Philippines, RCashOnline is enticing the public to invest their money with a promise of high returns. The business opportunity is offered in the form of the following packages:
- Starter Package- Php18,660.00 for 1 account.
- Business Package- Php55,980 for 3 accounts.
- Elite Package – Php130,620 for 7 accounts. This package include Php1Million insurance.
Moreover, the commission found that the RCashOnline is representing Royal Business. It identified Royal business products in its packages. Also, SEC investigation revealed that members-investors were emphasized to recruit rather than sell the actual products.
Further investigation showed RCashOnline is employing the same scheme and is managed by the same person or persons running the OnlineBiz and Elite Entrep BluePrint. Separate SEC advisories were already issued in these businesses this year.
The investment regulator says:
It appears that the main strategy of the subject entity is to earn from recruitment, which is clearly unsustainable. The scheme of RCASHONLINE relies heavily on inviting people for a promise of high monetary rewards that can only be achieved through recruitment of more people to participate in the scheme. Its enticement/advertisement focuses on attracting people to earn huge amount of money rather than introducing the benefits or advantages of the products it offers.
Moreover, the Commission informs the public that RCashOnline is operating illegally because it is not registered and is not authorize to sell investments to the public.
Consequently, the SEC warns the public, not to invest in RCashOnline. Furthermore, the government agency reminds those who promote the said scheme may be held criminally liable.
Likewise, the SEC added:
Violators are further warned that aside from the strict penalties imposed by the Commission for violations of the SRC, the Revised Corporation Code of the Philippines, and such other rules and regulations it enforces, the Bayanihan to Heal as One Act (Republic Act No. 11469) also punishes those participating in cyber incidents that make use or take advantage of the current crisis situation to prey on the public through scams, phishing, fraudulent emails, or other similar acts.
The SEC Scam warning against RCashOnline can be found here.