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With the hope of gaining more income amid the pandemic, Genlor Obdianela, an IT Specialist, revealed in a report that he was enticed to invest in an online application. According to Obdianela, his total investments amounted to ₱230,000— and none of it is going back to him.
The victim identified the application as Flint.com.ph—which brands itself as the “first, tech-enabled low-cost Philippine Real Estate Crowdfunding Platform and allegedly South East Asia’s largest business financing platform.”
Initially, Obdianela said that he was able to receive a payout from the app– at least 10% of his prior investment of ₱50,000 in January–and was able to withdraw more than ₱20,000.
“Nakatanggap ako ng payout hanggang May. So, akala ko legit talaga ang investment,” he stated.
Translation: I was able to receive payout until May which convinced me that the investment is legit.
After the continuous payout for months, Obdianela invested more into the application which totaled ₱230,000. However, the application suddenly closed down and his withdrawal request has been put on hold until now.
“Pinapakiramdaman ko ang mga hearsay na hindi SEC registered… at ang SEC also warned us na hindi nga registered si Flint,” he said. In June 2021, the Securities and Exchange Commission (SEC) published an advisory against Flint for its unregistered and unauthorized investment solicitations.
Translation: I tried to listen to hearsay that Flint is not SEC-registered… even the SEC warned us that it really is not regulated.
He also added that when he went to the supposed physical office of Flint–he saw nothing and noted that the application stated that what they have is just a “virtual office.”
Currently, Obdianela still has a balance of ₱209, 000 in his digital wallet which may indefinitely be a virtual balance as Flint is nowhere to be found.
Moreover, he revealed that he is not the only victim as Flint also enticed several others, and most of them are Overseas Filipino Workers (OFW).
Hoping that he’ll retrieve his money back, Obdianela filed a case against the investment application and the people behind it at the National Bureau of Investigation (NBI).
“Ngayon… ‘pag nag-invest ako tinitingnan ko talaga muna,” Obdianela concluded.
Translation: When I invest now, I really make sure that it is legit.
In another report this month, around 1,000 individuals also fell in an alleged investment scheme leveraging cryptocurrency through a mobile application. Most of the victims invested hundreds of thousands and even their life savings.
If not by investing themselves, Filipinos are also enticed to work. Recently, Senator Risa Hontiveros unveiled a large-scale human trafficking syndicate in the country, which tricks Filipinos into believing they are being recruited to work as call center agents in Thailand, only to be recruited to become crypto scammers in Myanmar.
With the Christmas and bonus season coming, the Philippine National Police – Anti-Cybercrime Group (PNP-ACG) reminded the public to be cautious when dealing with investment offers and be wary of fake cryptocurrency investments.
This article is published on BitPinas: Online App Scams Man With P230k Investment
Disclaimer: BitPinas articles and its external content are not financial advice. The team serves to deliver independent, unbiased news to provide information for Philippine-crypto and beyond.