The Department of Education (DepEd) has warned the public against car loan scams or the Labas-Casa/Assume Balance/Loan Accommodation scheme that targets public school teachers.
In an advisory, DepEd found out a total of 29 cases were filed against scammers that originated in Pampanga.
"In cooperation with law enforcement authorities, DepEd found out that there are 29 cases currently filed against the perpetrators of this fraudulent scheme that originated in Pampanga, according to a recent investigation,' the statement read.
It is known that the group's modus operandi is to encourage teachers to apply for a car loan in exchange for cash and a downpayment for the unit.
They will also be promised passive income through transport network vehicle service (TNVS) incentives if the loan is approved.
"Unknown to the victims, the perpetrators have connections to some car dealerships and bank employees who will facilitate a pre-arranged loan approval," the statement stressed.
It is said that the suspects will no longer show up for them as soon as the mortgaged cars are turned over to them.
"These perpetrators will then abandon their victims once mortgaged cars are turned over to them, giving the teachers more financial woes," DepEd said.
According to DepEd, they are currently contacting the authorities to arrest the suspects.
They will also subject the victims to debriefing, counseling, and psychological first aid.
The agency further reminded outreach and non-teaching personnel, as well as the public, to remain vigilant against financial scams.
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Meanwhile, DepEd also encouraged other possible victims of a similar scheme to report to the DepEd Public Assistance and Action Center through their e-mail depedactioncenter@deped.gov.ph or hotlines 863-1663 and 863-1943.
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DepEd warns public vs. car loan scam