Beware of Fake Loan Financing in UAE

Today, I received an email with a subject line “Beware of Fake Loan Agents” being circulated to the Filipino community around the United Arab Emirates. It warns everyone to be cautious of fraud refinance schemes which already caused a lot of our countrymen to suffer in jail.

The modus operandi of the alledge fake loan financer Jessico / Jerico was to encourage our fellow Filipinos who are struggling with their bank debts to join their refinancing scheme wherein they promise to pay all your credit card debts or bank loans so would have only one consolidated loan with them. This is supposed to lessen your minimum monthly payment bills as well as be able to concentrate in just one lender which very beneficial to our kababayans who are struggling with their bad debts. Unfortunately, this financial recruiter is taking advantage of the situation. The debtor needs to pay a registration/membership fee and will sign a guaranteed cheque in order for their application to be approved. Once all necessary payments are given, the recruiter will never pay any of your bank obligations. Moreover, they will pass your signed cheque to the police which could lead to your immediate arrest for the bouncing cheque.

The letter says many Filipinos in UAE, specially in Dubai, are now behind jail bars because of this illegal activity. It is very sad to learn that many Pinoys already became victims of this fraud refinancing loan.

Although the authenticity and origin of this chain mail is not defined, it’s always important to be vigilant and cautious of such kind of crooked programs. Below is a copy of the email I received and I hope that everyone will be aware of this modus. 

Subject: RE: BEWARE OF FAKE LOAN AGENTS!!!!

This is true. Isang close friend ko ay biktima nito at maraming kababayan natin ang nasa kulungan pa rin hanggang ngayon.

To:  All Filipinos in UAE…..

BEWARE!!! Mag ingat po sana kayo sa mga naka-post sa mga public places regarding Loan Financing.

Marami na po tayong mga kabayan na naloko ng FAKE LOAN FINANCER A.K.A JESSICO or sometimes JERICO eto po ang no. ng isang recruiter nila na pinoy din (055-535-8834). Ang office daw nila ay sa AL NASR SQUARE jan sa NAIF.
 
Ang modus operandi po nila ay mag recruit ng mga gipit na kabayan sa Loan or Credit cards. Kunyare ay bibigyan ka ng Loan para makapagbayad ng mga existing na utang kapalit ang registration Fee at CHEQUES at PASSPORT & VISA COPIES na iissue sa kanila.

Pagna-recruit na nila kayo at nakapagbigay na ng cheque as payment for the membership, pababayaan na nila kyo sa mga utang ninyo hannggang makulong at walang pakinabang ang lahat ng binayad ninyong pera. Wala sila kahit magkanong ibibigay sa inyo tulad ng mga pangako at mismong sila pa ang magpapakulong sa inyo dahil patatalbugin nila ang mga cheques na ibinigay ninyo paghindi kayo nagpatuloy sa pagbabayad ng walang kwentang Registration FEE.

Marami na po tayong kabayan na nabiktima ng SCAM na to. Local ang may-ari at malakas daw eto sa Dubai Police. Marami na po silang gipit na kabayan na lalo pang ginipit dahil sa BOUNCING CHEQUES as payment for the MONTHLY REGISTRATION FEE.

Tandaan po natin na ang talbog na cheque dito sa UAE ay isang CRIMINAL and CIVIL OFFENSES, at anytime pwede tayong ipadampot at ikulong.

Sana po ma-ipakalat natin ang mensaheng ito sa lahat ng mga kabayan, kaibigan at kakilala sa UAE especially sa DUBAI.
 
Magsasama po tayong puksain ang mga mapagsamantalang JESSICO/ JERICO na yan. At sa mga kabayan na patuloy na nag-rerecruit ng marami pang-kabayan para sa kumunoy na yan, MAHIYA KA NAMAN at SANA EH MAPATAWAD KA NG DIYOS!!!
 
Kung wala ka ng kunsensya, sana ay MAMATAY KA NA KASAMA NI SATANAS!!!!
Maraming salamat po!!!!

-Pinoy Watch – Dubai -

The Federal Trade Commission (FTC), a consumer protection agency in United States of America, refers to this as Advance Fee Loan Scam. The common process begin when you apply for a loan or credit card and find out you have to pay a fee in advance. According to the FTC, the asking of an advance fee could be a sign that you’re dealing with a scam artist. They have listed some Signs of an Advance-Fee Loan Scam in their website which could serve as red flags that can tip you off to a scam artists’ tricks.

GulfNews’ recent article ‘Beware of financial scams’ tells how scammers devise a lot of tricky ways to entrap money from unsuspecting individuals and run away. They discussed another kind of scam called “boiler room” which involves trained phone salesmen selling unauthorised shares or financial assets of companies. Another article ‘How to spot a fraud’ details different ways to determine an investment scam in order to protect yourself from fraudsters.

You might also be interested in checking out Steve Rhode’s financial advice through his website GetOutOfDebt.Org where he honestly answer problems submitted by people that are worried about money, credit, debt and other money troubles. Or read the ‘20 Ways to Avoid a Scam’ from Steadfast Finances which ennumerates Basic Rules to Avoid a Scam, How to Avoid Recession Specific Scams, How to Avoid Money or Investment Scams and How to Avoid Email Based Phishing Scams.

The best tip is to increase your awareness so you will not become a victim of scammers/fraudsters. You can write down your personal experience or comment below to help others from becoming the next prey.

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