BI warns Filipinos about new stock market scam

The Bureau of Immigration (BI) on Friday warned about a new stock market scam that compels Filipinos to invest in stock trading platforms or pseudo investments that appear legitimate but are actually controlled by criminal syndicates.

According to the BI, Filipino victims are instructed to convince other Filipinos to invest in the fake platforms and investments.

The agency said that investigation showed that victims who failed to meet quotas or resisted orders underwent physical and psychological abuse, torture, intimidation, as well as deprivation to force them to comply.

“These criminal groups are ruthless. They deceive Filipinos with promises of high-paying jobs and easy money, then subject them to abuse once they are trapped,” Immigration Commissioner Joel Anthony Viado said in a statement.

“Let this serve as a strong warning: no legitimate employer will require you to scam your own countrymen or invest through unofficial platforms,” he added.

The BI said that eight Filipinos aged between 20 to 30 years were rescued and returned to the country on December 31 after being trafficked overseas.

The BI said they were lured through online recruitment and social media offers.

Meanwhile, 19 other Filipinos that were repatriated from Cambodia arrived on the same day. This included four individuals who left through a backdoor in Palawan.

Due to this, Viado called on the public to be vigilant, especially against job offers or investment opportunities online.

“The Bureau of Immigration is working closely with law enforcement partners to track, disrupt, and dismantle these scam rings. We are committed to protecting Filipinos and preventing these syndicates from continuing to victimize our people,” he said. — BAP, GMA Integrated News