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abstrak:Philippine authorities urge caution against get-rich-quick schemes, including crypto and forex investment scams, as fraudulent activities rise during the Christmas season.
Manila, Philippines — The Criminal Investigation and Detection Group (CIDG) has issued a harsh warning to the public about the rising number of investment scams during the holiday season. This caution comes in the wake of the arrest and deportation of Hector Aldwin Pantollana, a Filipino fugitive involved in fraudulent operations worth hundreds of millions of pesos.
CIDG Acting Brig. General Nicolas Torre III warned individuals not to fall for get-rich-quick schemes, adding that if the returns appear “too good to be true,” they are most certainly hoaxes.
“If the promised monthly return on your investment exceeds 15 to 20 percent, you need to start questioning its legitimacy,” Torre stated during a press briefing.
He explained how these scammers operate, often presenting their scams as real businesses:
“If someone assures you that your money will double within five months or offers absurdly high returns, think twice,” Torre told us.
Targeted investment schemes
Authorities emphasized the rise of crypto and forex frauds, both of which entice victims with the promise of enormous rewards via crypto and forex investment platforms. These unscrupulous organizations frequently employ deceptive strategies to appear legitimate and recruit unwary investors.
A Victim's Story
One of Pantollana's victims, who preferred to remain unidentified, explained how scammers use important persons to appear genuine.
“When you see respected individuals endorsing these schemes, you assume its safe to invest. We never thought they would fail to do their due diligence,” the victim shared.
SEC Actions Against Fraud
The Securities and Exchange Commission (SEC) has filed various criminal charges against Pantollana and his associates for violating the Securities Regulation Code and the Anti-Money Laundering Act. Pantollana's businesses, especially those related to gambling junkets, are currently under review.
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Final Thoughts
As the holiday season approaches, Filipinos are reminded to stay careful and secure their hard-earned money. Scammers frequently take advantage of the giving spirit over the holiday season, increasing the prevalence of cryptocurrency and FX frauds. Always double-check the veracity of investment opportunities, seek advice from experienced financial professionals, and keep in mind that if something seems too good to be true, it probably is.
Stay informed and secure your financial future.
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