THE Court of Appeals (CA) has extended the freeze order on the bank, investment and insurance accounts of the Maria Francesca Tan (MFT) Group of Companies Inc. for a further six months to November this year to safeguard public interest.

The MFT Group's accounts were first ordered frozen by the CA on May 13 after it granted the Anti-Money Laundering Council's (AMLC) petition to block the MFT group's access to its accounts.

This was based on probable cause that the group was involved in violations of the Securities Regulation Code, specifically unauthorized investment solicitations and misleading financial practices.

The freeze order was originally set to expire on June 2 but on May 30, the CA extended the effectivity to November 9 this year after it denied the MFT Group's motion to lift the order.

This will allow the AMLC, and the Securities and Exchange Commission (SEC) sufficient time to investigate and prepare charges while also preventing any potential dissipation of the assets in question.

The comprehensive freeze covers 138 bank accounts, four securities accounts and four insurance accounts across multiple financial institutions.

This includes accounts associated with the MFT Group, Foundry Ventures I Inc., Mondial Medical Technologies and several high-ranking officials within these organizations.

The SEC, in its own probe, found that the MFT Group was soliciting investments from the public by offering guaranteed returns of 12 percent to 18 percent in exchange for post-dated checks and promissory notes from the group.

The solicitation was done without the necessary SEC licenses, prompting both the freeze order and a permanent cease and desist order against the group.

Estrella Elamparo, legal counsel for the MFT Group, criticized the freeze order, arguing that the transactions under scrutiny were personal loans rather than securities transactions and thus fell outside the purview of the Anti-Money Laundering Act.

The SEC has already initiated a criminal complaint against the MFT Group and related entities for unauthorized investment schemes and financial misrepresentation.