A group of overseas Filipino workers (OFWs) in Saudi Arabia lost almost P100 million in a supposedly high-yield investment which happens to be an “investment scam.”
According to Manila Times on January 19, Friday, the OFWs were recruited by the Sangguniang Masang Pilipino International Incorporated (SMPII), a Philippine-based non-profit organization, to invest with ALMASAI Finance and Investment (now ALMASAI Equity Holding Corporation).
The firm, owned by Elpidio Reyes Tanaliga, Jr. located at Cubao, Quezon City, was said to guarantee a 5 percent interest each month once the OFWs placed the initial investment of P50,000.
The OFWs invested such amount in the fraud scheme until their money grew about P100 million.
However, when they reached a hundred million, they have lost contact with Tanaliga who allegedly issued 13 postdated checks.
The expats claimed that the checks were declined by the bank due to insufficient fund.
Bernard Olalia, Labor and Employment undersecretary and Philippine Overseas Employment Administration (POEA) officer-in-charge, said they are already aware of the plight of the OFWs but they are still waiting for a formal complaint before taking an action.
He advised the OFWs to be cautious when something is too good to be true especially if it involves an easy way to get rich.
He also stressed to invest their hard-earned money to the newly-opened Overseas Filipino Workers Bank (OFW) bank instead and become a part of the owner.
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