The Philippine Embassy in UAE has issued a warning to Filipinos in the country to avoid investing their hard-earned money in bogus online investment schemes through social media channels.
According to the embassy’s Facebook page, these investment scams have recently spread online and are targeting unsuspecting members of the Filipino community in the UAE especially in Dubai and Abu Dhabi.
Scammers entice individuals to invest in high-earning products with a promise of massive returns.
Below is the list of unauthorized companies published by SEC.
The advisory urged Filipinos in the country to go through the website of the Philippines’ Securities and Exchange Commission (SEC) to find out which entities are approved by the government to solicit funds. Those who invite or recruit others in such schemes were also warned of strict penalties, and even criminal charges.