OFW Group Losses 100M Over Fraud Investment Scheme

OFWs are mostly the ideal prey of scammers. They would try to lure them in an easy-money-scheme but will soon declare bankruptcy and take all the hard-earned money invested by OFWs. Just like this group of OFWs who became of victim of an investment scheme in Saudi Arabia.

The OFWs were able to invest about P100 million pesos in the hopes of securing a high-yield investment. Soon after, the investment turned out to be just another fraudulent scheme.

Labor Undersecretary and Philippine Overseas Employment Administration officer in-charge Bernard Olalia, reminded the millions of OFWs across the world to be very cautious in dealing with people who are offering high-yielding investments.

Instead of this easy-money scheme, he advised the migrant workers to invest their money at the OFW bank, which was recently launched by President Rodrigo Duterte, where they can become part-owners.

Olilia also pointed out that companies that are registered at the Security Exchange Commission (SEC) are still not guaranteed safe for investments and fraud.

“Use your common sense. If it’s too good to be true you have to be cautious and think hard before parting with you money because more likely than not, it is a scam,” says Olalia.

According to POEA, they received reports that SangguniangMasang Pilipino International Incorporated (SMPII) is encouraging OFWs to invest in ALMASAI Finance and Investment that operates at EDSA, Barangay Socorro, Murphy, Cubao, Quezon City. It is owned by a certain Elpidio Reyes Tanaliga Jr.

OFWs confessed that they are requiring them to give an initial deposit of P50,000, promising a 5% interest every month.

ALMASAI then issued 13 postdated checks – 12 of which are allocated for the monthly earning of the investment and the other one is for the payment of the capital investment.

OFWs got excited after receiving their checks that their investment reached P100 million. Soon after, they stopped receiving checks and lost contact with Tanaliga.

Additionally, the checks which was issued on them were declined by the bank because it has insufficient fund.

POEA is waiting for the OFWs to file formal complaints against the investment scheme.

Source: Manila times


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