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Saturday, May 18, 2024

‘Be smart,’ PH Embassy tells Filipinos in India amid rise of fraudulent investment schemes

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“Do not be deceived. Be smart. Safeguard your hard-earned savings.”

The Department of Foreign Affairs (DFA) through its Philippine Embassy in New Delhi issued these reminders to Filipinos based in India amid the reported rise of investment scams in the country.

“The Embassy strongly cautions Kababayans (our countrymen) against falling for investment opportunities promising extremely high returns within a short period,” it wrote in an advisory posted on X (formerly Twitter) earlier this week.  

Fraudsters in India have recently adapted sophisticated schemes—often aided by technology— to prey on unsuspecting individuals.

The Philippine Embassy emphasized that any investment package that seems “too good to be true” or operate like “Ponzi schemes or similar scams” must be avoided.

“They are illegal, unsustainable and could rob you of your hard-earned finances,” it said.  

The embassy advised Filipinos to always ask questions, step back when in doubt, verify the credentials of the financial entity first and consult the authorities or trustworthy financial advisors before engaging in such activity.

They were also encouraged to inform local authorities should they notice any suspicious scheme.

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