SEC advances crackdown on illegal online lending The Securities and Exchange Commission (SEC) is moving forward its crackdown on unauthorized and abusive online lending activities, starting this year’s campaign with several individuals operating unregistered online lending applications. In a joint operation on February 12, the combined forces of the SEC Enforcement and Investor Protection Department (EIPD) and the Philippine National Police AntiCybercrime Group (PNP-ACG) successfully implemented a warrant to search, seize and examine computer data in Cashtrees Lending Corporation’s office in Pasig City. The Manila Regional Trial Court Branch 46 issued the search warrant against Cashtrees Lending for misuse of device penalized under Section 4(a)(5)(i)(ii) of Caraga INFOCUS
Republic Act No. 10275, or the Cybercrime Prevention Act of 2012, in operating unregistered online lending applications in violation of Republic Act No. 9474, or the Lending Company Regulation Act (LCRA). The onsite digital forensic examination on the seized devices showed that the employees of Cashtrees Lending operated online lending applications such as Happylend, Rush Loan, Easy Money, Good Pocket, Dummy Loan, Lucky Star, Swipe Cash, 365 Cash, Home Peso,
Mega Loan, Treecash and Goldpeso. Cashtrees Lending is registered as a corporation and holds a certificate of authority to operate as a lending company. It operates registered online lending platforms such as Happylend, Creditcash and Cashmore. However, the majority of the online lending applications operated by Cashtrees Lending were unregistered. These include Goodpocket, Easymoney, 365 Cash and Rushloan, which February 19-25, 2022 |
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