The Bureau of Immigration (BI) has warned the public about a new stock market–related scam.
Under the scheme, Filipinos are pressured into investing in stock trading platforms or so-called investments that appear legitimate, but are actually controlled by criminal syndicates.
According to the BI, Filipino victims are also instructed to recruit and convince other Filipinos to invest in these fake platforms.
The agency explained that based on their investigation, victims who fail to meet quotas or refuse to follow orders are allegedly subjected to abuse, torture, or intimidation.
In a statement, Immigration Commissioner Joel Anthony Viado described the criminals behind the scheme as “ruthless.”
Viado reminded the public that no legitimate employer would ever instruct a person to scam others or invest in unofficial platforms.
The BI said it continues to coordinate closely with law enforcement agencies to track down those behind the fraudulent activities.
