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Embassy warns of scam targeting Filipino expats in UAE

The Philippine Embassy in the UAE advised Filipino expats to exercise caution after the country’s Securities and Exchanges Commission (SEC) warned against a company that that dupes Filipinos into making fast cash through investments.

According to local news reports, the SEC found that the firm Paysmart Limited Philippines was not a registered corporation. The commission received information that individuals representing the company are offering offshore investments as a source of fast cash.

“The above-mentioned entity did not secure prior registration and/or license to solicit investment from the commission as prescribed under Section 8 of the Securities Regulation Code,” the SEC said.

A GMA News report found that Paysmart allegedly promised its victims a 30-percent return on investment within 15 days. Victims only needed a minimum investment of $23 (Dh84 approx) to get 60 percent of the amount back within 60 days’ time.

On a Facebook post, the embassy warned Filipino expats of the company’s dubious investment schemes. “Paysmart allegedly entices Overseas Filipino Workers from Israel, Italy, Dubai and Norway to invest in this type of [investment] scheme,” the advisory said.

“The public is hereby advised to exercise caution in investing their money in these types of schemes which may turn out to be Fraudulent Investment Schemes, involving the sale of unregistered securities,” the embassy added.

As of the time of this writing, there have been no reports of the scam victimizing Filipino expats in the country.

credit source: provide by Khaleej Times via msn.com

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