Police warn public vs forex trading scam: Check before you invest

Police warn the public against foreign exchange or forex trading scams, urging them to practice due diligence before investing their money. INQUIRER.net STOCK IMAGE

MANILA, Philippines — Police warn the public against a foreign exchange, forex, or FX trading scam, urging them to practice due diligence before investing their money.

The Philippine National Police-Anti-Cybercrime Group (PNP-ACG) said people should do extensive research on potential chances to invest and earn and conduct background checks on individuals or groups offering such opportunities to avoid being scammed.

Its reminder stemmed from a case involving a 21-year-old Pakistani national who befriended and convinced his victim to invest P380,000 in forex trading.

READ: Crypto scams impersonating Inquirer.net and other news sites

Police said the victim met the suspect, identified only as “Hazat,” in Cagayan de Oro City. The victim said that after Hazat got his money, the suspect became unresponsive to his messages and only communicated to ask for an additional P100,000 investment again.

The victim, however, sought the help of authorities, who then devised a plan to catch Hazat. On May 8, the suspect was arrested following an entrapment operation in Sta. Mesa, Quezon City.

READ: Identity theft, scams via social media on the rise

ACG acting director Brig. Gen. Ronnie Francis Cariaga said Hazat is currently under police custody and will face complaints for violating Article 315 (swindling or estafa) of the Revised Penal Code and Republic Act (RA) 11765 (investment fraud), both in relation to Section 6 of RA 10175 or Cybercrime Prevention Act of 2012.

In a statement, Cariaga stressed “the importance of meticulous investment, regardless of the amount involved.”

He also “encouraged everyone to do a background check and get to know the individuals they engage with before providing funds to prevent falling prey to investment scams.”