Philippine Government Warns OFWs of Potential Online Gold Investment Fraud

The Philippine government is warning all OFWs of a potential massive fraud regarding an online investment called Emgoldex. The said company has said to be attracted hundreds to even thousands of OFWs, particularly in Taiwan and Middle East.

In a mini-press conference this Tuesday led by Atty. Victor Beltran, a representative from Philippine Information Agency (PIA), he said that the agency has also sent a press release to the concerned Philippine embassies in the Middle East. Beltran advised all OFWs to avoid joining Emgoldex, which uses gold as bait, noting that it could be using traditional HYIP system to scam their members.

Regulators in Massachusetts have already filed a complaint against the Emgoldex operators in the US, and the case is now being reviewed. The entire document is available at the Massachusetts Secretary of Statefor download.

Emgoldexis a so-called investment company that has offices in Munich, Germany and Dubai. However, some reports said that it was registered in Seychelles with an alleged suspicious identity. According to Beltran, the public should not join any similar company that focuses more on recruitment instead of selling products.

“We must learn our lesson from NBO Global and other programs that closed last year. Emgoldex is bigger and more destructive than any of the previous investment scams so we must be cautious and keep our money inside out pockets,” Beltran noted.

Apparently, Colombia is the first country to totally ban the operations of Emgoldex. On the other hand, Panama is conducting a thorough investigation on the mysterious company. This is after some Panamian banks warned their customers to avoid joining the alleged pyramid scheme.

Nevertheless, Emgoldex is very much active in the Philippines and is being heavily promoted online especially on Facebook. However, the Philippines government has only acted recently after top local officials have completely verified the program’s marketing plan, which was considered as destructive.

“It is not bad for our OFW brothers and sisters to look for extra income, but we must analyze everything before we join and throw away our money. There is no legit and sustainable business that offers return which is ten folds higher than the stock market bonds and foreign exchange,” Beltran said.

As of posting, the PIA is searching more ways on how to completely ban Emgoldex in the Philippines. The agency is now receiving support from other government agencies such as NBI (National Bureau of Investigation) and DTI (Department of Trade and Industry).

Meanwhile, many OFWS are earning a lot of money from Emgoldex. However, the PIA reminds everyone that there is no guarantee that the company might not stay long as expected. This is because of the vulnerability of its marketing strategy, considering that earnings of old members are only coming from its new members.