The Philippine Embassy in Abu Dhabi has warned the OFWs not to engage in the new investment scheme which promises huge returns as much as 30% just for 15 days.
The advisory was first heard at Manila’s Securities and Exchange Commission (SEC) that the PAYSMART LIMITED PHILIPPINES (Paysmart) is offering too-good-to-be-true investments through offshore trading stocks.
Paysmart, as advised by SEC, is not authorized to collect investments from the public. However, it was found out that this corporation is targeting Overseas Filipino Workers from countries like Dubai, Israel, Norway,and Italy. Paysmart promises to return 30 percent of the investment just for 15 days and 60 percent within 60 days.
The minimum investment is $23 and the maximum amount is $9,000. Investors are given a link which can get you redirected to the PAYSMART Dashboard.
“The public is hereby advised to exercise caution in investing their money in schemes which may turn out to be fraudulent, involving the sale of unregistered securities,” says the advisory.
As per the law, individuals or company who sell or offer securities without registration may be penalized according to the Supreme Court Decision.
It can be recalled that a similar scheme was busted targeting 7,000 UAE residents, most of which are financially distressed. The get-rich-quick scheme made promises to their investors of a return as much as 120 percent on a $25,000 investment.
The Exential agents were sentenced to imprisonment for 500 years imprisonment.
OFWs are advised to be careful with the similar get-rich-quick scheme. If the offer is too good to be true, then it may not be real.