4 Filipinos jailed, fined Dh90 million in Abu Dhabi over gold investment scam

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4 Filipinos jailed, fined Dh90 million in UAE over gold investment scam

 

DUBAI – Four Filipino expatriates in Abu Dhabi have been jailed and fined a total of Dh90 million after duping 4,000 Filipinos in a gold investment scam.

The Abu Dhabi Judicial Department on Tuesday (March 16) found the group guilty of fraud, money laundering and misappropriation of funds and sentenced them to five years in jail. They will be deported after serving their jail term.

Each of the convicts must pay Dh10 million in fines, while the jewellery trading company that one of them owns and was used in the scam must pay a fine of Dh50 million.

Authorities seized valuables in their possession, including 7.4kg of 18-carat gold worth Dh1.37 million.

According to records, the Filipino expats defrauded 4,000 Filipinos in a gold investment scam under the Gold Empire Management website.

The group used social media ads, videos and contests to lure victims who were asked to pay a Dh2,000 “subscription” to join the gold trade scheme.

Unsuspecting victims who have subscribed to the scheme were also asked to bring more investors to get paid an additional Dh1,000 “reward”. Authorities consider this scheme as a form of fraud. ICA/Expat Media


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