Picture for illustration purposes only.
PHOTO BY ARCHIVE
DUBAI – Filipinos in the UAE who invite or recruit other people to join or invest in fake online investment schemes will be held criminally liable, the Philippine Embassy in the UAE warned.
Violators will also be sanctioned or penalized, according to the Philippine Embassy in a recent advisory.
Philippine Ambassador to the UAE, Hjayceelyn Quintana, in an advisory warned Filipinos to avoid investing their money in schemes solicited through social media.
The warning came after a “recent proliferation of alleged investment scams online where individuals or group of individuals entice the public to invest in high-earning products”. The embassy quoted advisories from the Philippines’ Securities and Exchange Commission (SEC) warning Filipinos about illegal investment-taking activities.
Investment scams on social media have targeted a number of Filipinos in the UAE, with scamsters duping victims into investing in high-earning products with a promise of big returns.
The Philippine Embassy in the UAE advised Filipinos to check approved investment entities listed with SEC before engaging in any investment deal. ICA/Expat Media
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