Complaint for Online Investment Scam in the Philippines
(2025 Comprehensive Legal Guide)

1. Why this matters now

Online investment fraud—from fake crypto-mining apps to pyramid “copy-trading” platforms—was the second-most-reported cyber-offence to the PNP Anti-Cybercrime Group in 2023, involving ₱155 million in losses in only eight months .
A March 2025 raid in Pasay that freed 400 trafficked click-farm workers shows how large, syndicated networks now operate out of the country’s own digital backyard .

2. Governing Laws at a Glance

Area	Key Statutes	What they cover	Typical Penalty*
Criminal fraud	Art. 315, Art. 318 Revised Penal Code (Estafa & Other Deceits)	Any deceit causing damage, including Ponzi/pyramid sales	Up to reclusión temporal (12 yrs) plus fine, scaled to amount swindled
Syndicated fraud	P.D. 1689	Estafa by ≥ 5 offenders or affecting ≥ 20 investors	Life imprisonment
Cyber-enabled fraud	RA 10175 (Cybercrime Prevention Act)	Estafa committed “through and by means of information and communications technology”	1 degree ↑ ordinary estafa penalty
Unregistered securities / solicitation	RA 8799 (Securities Regulation Code) §§ 8, 26, 28 citeturn6search0	Offering investments without SEC registration	7-21 yrs & ₱50 k-₱5 M fine
Money-mule & phishing aspects	NEW RA 12010 (Anti-Financial Account Scamming Act, 20 July 2024)	Renting bank/e-wallets, social-engineering credentials	6-8 yrs (mule) up to life (economic sabotage)
Financial consumer rights	RA 11765 (Financial Products & Services Consumer Protection Act, 2022)	Administrative redress, restitution, regulator cease-orders	Fines, disgorgement, restitution
Money-laundering overlay	RA 9160 as amended	Freeze & forfeiture of scam proceeds	Asset freeze within 24 h (AMLC “swift-freeze”)
Civil liability	Civil Code Arts. 19-21, 1170, 2176	Damages, rescission, unjust enrichment	Actual, moral, exemplary damages

*Penalties stated are maximums; courts may impose minimums or combine imprisonment & fines.

3. Red Flags of an Online Investment Scam

Guaranteed returns > 15 % per month
“Earn more by recruiting” (pyramid/MLM element)
No SEC permit to sell securities—check via checkwithsec.sec.gov.ph
Uses personal GCash/GrabPay accounts (“mule” indicator)
Aggressive use of celebrity or influencer endorsements (SB 2899 now seeks to curb this)

4. Evidence Checklist before You Complain

Digital Proof	How to capture	Authentication tip
Chat or email invites	Full chat export + screenshots	Print & notarise; include hash value
Deposit slips / e-wallet logs	PDF download + certified bank statement	Request bank “Transaction History Certification”
Social-media ads & videos	Use web-archiving tool or screen-record	Note URL, date/time stamp
Corporate records	SEC Express certified copy	Shows lack of secondary licence

Under Rules on Electronic Evidence you must prove “integrity and reliability” of the data source; hash-values or device seizure letters from NBI help establish chain of custody.

5. Choosing the Proper Forum

Forum	What it can do	When to use
SEC – Enforcement & Investor Protection Department (EIPD)	Issue Cease-and-Desist (CDO), Freeze or Asset Preservation Orders, refer for criminal prosecution	Any unregistered investment solicitation
NBI Cybercrime Division / PNP-ACG	Investigate, apply for cyber-warrants, seize servers	Scam operated online, suspects unknown or abroad
Office of the City/Provincial Prosecutor (DOJ-NPS)	Conduct preliminary investigation on Estafa, RA 12010, RA 10175	Once you (or NBI/PNP) have identified respondents
Regional Trial Court (Civil)	Recover money & damages; apply for Attachment/Garnishment	Helpful when assets are identifiable, even while criminal case is pending
BSP / AMLC	Order banks to swift-freeze suspect accounts	Large or ongoing fund flows

6. Step-by-Step: Filing an Administrative Complaint with the SEC

Draft a Verified Complaint-Affidavit—chronological narration, full names & addresses, attach evidence
Swear before a notary / administering officer (SEC, NBI, barangay BHERT officer abroad).
File at SEC-EIPD, Ground Floor, Secretariat Bldg., PICC Complex or nearest SEC Extension Office.
Pay filing fee (usually ₱1,020 + photocopy charges).
SEC issues Show-Cause Order → respondents file answer → summary hearing.
Possible outcomes:
- CDO within 48 h if there is “prima facie” violation
- Asset-Freeze relayed to AMLC/BSP
- Referral to DOJ for criminal action
- Administrative fines up to ₱5 M per violation under SRC §54.

7. Step-by-Step: Filing a Criminal Complaint

Execute Sworn Statement & Sinumpaang Salaysay with annexes.
Submit to NBI or PNP-ACG (they may docket as cyber-estafa or RA 12010).
Inquest (if respondents arrested) or Preliminary Investigation (15 days to counter-affidavit).
Prosecutor issues Resolution & Information → filed in RTC/MTCC.
Asset protection: Ask prosecutor to move for hold departure, freeze or RA 12010 Sec 7 temporary hold on funds.

8. Civil Suit or Class Action

Venue: RTC where any plaintiff resides or where scam happened.
Causes of action: rescission + damages; unjust enrichment; tort (Art 2176).
Prescription: 4 yrs (fraud), 6 yrs (quasi-contract), 10 yrs (written contract).
May be filed alongside criminal case (no forum-shopping if reliefs differ).

9. Prescription of Criminal Actions

Offence	Prescriptive period (Art. 90 RPC & special laws)
Estafa ≤ ₱1.2 M (correctional)	10 years from discovery
Estafa > ₱1.2 M (afflictive) / Syndicated Estafa	15 years
SRC violations	12 years (SRC §65)
RA 12010 offences	15 years (follows afflictive-penalty rule)
Cybercrime-Estafa	Follows underlying estafa + one degree higher

10. Penalties & Restitution Snapshot

Estafa: reclusion temporal (12-20 yrs) + fine up to double amount defrauded
SRC: 7-21 yrs + ₱5 M max citeturn6search0
RA 12010:
- Money-muling – 6-8 yrs + ₱100-500 k
- Social-engineering – 10-12 yrs + ₱0.5-1 M
- Economic sabotage (by ≥ 3 conspirators or ≥ 3 victims) – Life imprisonment & ₱1-5 M
Courts or regulators may order restitution; under RA 11765 and RA 12010 Sec 6, banks that fail to halt disputed transfers may also be solidarily liable

11. Recent or Leading Cases

Case / Event	Core ruling or development
People v. Balasa (CA, 2023)	Affirms that “like-forex” apps promising 30 % in 7 days are investment contracts needing SEC registration.
Pantollana casino junket scam (RTC Calauag, 2024)	Warrants of arrest for estafa after SEC flag; shows parallel SEC + criminal track
Pasay cyber-hub raid (Mar 2025)	First large operation applying RA 12010’s “economic sabotage” clause

12. Cross-Border & Crypto Nuances

Virtual-asset-service-providers (VASPs) must be BSP-licensed; using an unlicensed foreign exchange constitutes unregistered securities sale.
Travel-Rule compliance means AMLC can trace on-chain transfers and seek issuing country freezes via the Egmont network.
Mutual Legal Assistance Treaties (MLAT) & ASEAN Convention on Cybercrime fast-track evidence gathering abroad.

13. Pending Legislation to Watch

Bill	Status (Apr 2025)	Key feature
HB 7393 / SB 2031 – “Anti-Online Financial Scams Act”	Bicameral conference	Joint civil liability for platform operators & real-time take-down duty
SB 2899 – Endorser Protection Bill	Committee report approved	Requires influencers to verify SEC licence before promoting an investment

14. Practical Tips for Victims

Freeze first, sue later – Ask your bank/e-wallet for a disputed transaction hold quoting RA 12010 Sec 7.
File simultaneously – Criminal, administrative and civil complaints can proceed in parallel; each triggers different remedies.
Join forces – 20+ victims can upgrade estafa to Syndicated Estafa (life imprisonment leverage).
Secure digital logs ASAP – Most service providers keep logs only 6 months to 1 year.
Watch deadlines – SEC complaints must be filed within 5 years from last solicitation for SRC cases; criminal prescription runs from discovery of fraud.

15. Template Outline (for your lawyer)

I.  Parties
II. Jurisdiction & Venue
III.Factual Background (Chronology)
IV. Offences Violated (cite statutes & elements)
V.  Evidence List (Annex “A” to “M”)
VI. Prayer:
    a. Cease & Desist / Asset-Freeze
    b. Criminal prosecution
    c. Restitution & Damages
VII.Verification & Certification against Forum Shopping

16. Final Word & Disclaimer

The Philippines now wields one of ASEAN’s toughest toolkits against digital investment fraud—especially after the 2024 Anti-Financial Account Scamming Act. Success, however, still depends on speed (freezing the money trail) and evidence quality. This guide gives an exhaustive doctrinal and procedural map, but it is not a substitute for personalised legal advice. Consult a Philippine lawyer or the SEC-EIPD hotline (+632 8818-0921) to tailor the strategy to your facts.