• O.G. Wright

There Is A New Investment Scam In UAE That Targets Filipinos

The most unfortunate thing that could happen to a person here in the UAE is getting duped.

As much as the local authorities try to curb the illegal whereabouts of some residents, there are still getting scammed.

Just recently, the Philippine Embassy in Abu Dhabi posted a warning over Facebook regarding an investment company that tricks Filipinos into making fast cash.

This company has been identified as Paysmart Limited Philippines which is not a registered corporation.

Philippines’ Securities and Exchanges Commission (SEC) noted that certain individuals have representing the company in the UAE offering offshore investment as a source of fast cash.

In a local report in the Philippines, it says that Paysmart allegedly promises its victims a 30 percent return on investment within 15 days. This unregistered company asks victims a minimum investment of $23 or approximately Dh84 to get 60 percent of the amount back within days’ time.

“Paysmart allegedly entices overseas Filipino workers from Israel, Italy, Dubai and Norway to invest in this type of [investment scheme],” the Philippine Embassy in Abu Dhabi posted on Facebook.

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