Pinoys in Qatar warned vs. paluwagan-style investment scam
Filipinos in Qatar have been warned against an investment scam allegedly being operated by a group in Doha who promises high interest rates.
The Philippine Embassy in Doha issued the warning after it received complaints from the victims of the supposed scam known as "Invest Your Money and Earn Double" and "Fastline," according to the Department of Foreign Affairs (DFA) in a news release Tuesday.
The DFA said the scam, which started in March 2015, is being operated like a paluwagan in where interest rates could go as high as 600 percent.
"The Philippine Embassy in Doha wishes to inform the public and all overseas Filipinos in the State of Qatar that it received complaints from the public who were victimized by an investment scam known as “Invest Your Money and Earn Double” (paluwagan) and “Fastline” which is operated by a group of individuals in Doha," the DFA said.
The DFA said the first batch of investors collected their invested money with an interest of 600 percent in the span of two to three months.
"Most of the early batches of investors re-invested their money to earn more," it added. "This news that the early batches of investors collected their shares in the investment with high interests spread among workers at different malls in Doha."
However, the investors later found out that the money they invested were gone, and that the operators whom they called leaders could no longer be contacted, possibly already out of Qatar.
"The Philippine Embassy therefore advises all overseas Filipinos in Qatar to avoid participating in any investment and business transactions that are not duly registered with the Governments of the State of Qatar and the Republic of the Philippines," the DFA said. --KBK, GMA News