An Overseas Filipino Worker (OFW) in Dubai, identified only as Emma to protect her privacy, is seeking assistance to recover the P110,000 she deposited to an alleged scammer posing as a representative of a lending company. Emma had hoped to secure a P250,000 cash loan to cover her child’s college tuition and to start a small business, but instead, she fell victim to a fraudulent scheme.
Emma shared her heartbreaking story with The Global Filipino Magazine, explaining that the loan application initially seemed legitimate. The lending company, allegedly based in Cebu City, asked her to send various sums of money under the pretense of securing the loan. Over time, she was pressured into sending payments totaling P110,000 to different individuals under the company’s direction.
“I just wanted to use the money for my child’s tuition and to start a small business. It started off as a legitimate transaction, but the company kept asking me to send more money,” Emma said. She was asked to deposit P15,000 at first, followed by P20,200, P30,000, and so on until the total amount reached P110,000.
To meet these demands, Emma was forced to borrow money from her fellow Filipinos in Dubai.
“I had to borrow from several people just to fulfill their requirements,” she added. Despite her efforts, the promised P250,000 loan never materialized.
Documents provided by Emma, including a “Loan Approve Letter” supposedly from the company’s “financial department,” show terms that appeared to be legitimate. The agreement stated that Emma was to repay the loan in 48 monthly installments of P6,408, with a total repayment of P307,584, including interest. The document bore the watermark of the Republic of the Philippines and the logos of various official institutions, such as the Security Exchange Commission (SEC) and the Department of Trade and Industry (DTI), to give it an air of authenticity.
However, suspicions grew when Emma was instructed to send money to personal accounts rather than the company’s official account. Records show that she transferred the following amounts:
October 4, 2024: AED 1,000 (approx. P15,250)
October 7, 2024: AED 1,315 (P20,220)
October 10, 2024: AED 1,992 (P30,000)
October 11, 2024: AED 2,000 (P30,000)
The agents from the lending company shared multiple documents through a group chat on Telegram, including SEC registration and other proofs of their so-called legitimacy. However, as Emma pressed for the release of her loan, she was met with more excuses. One message from an agent claimed she needed to increase her credit score by purchasing more “credit points” at a cost of P33,600. The promise was that once she improved her credit score, she could withdraw P393,720.
When Emma began to suspect foul play and made persistent follow-ups in the Telegram group, she was blocked by the agents. In previous messages, they had assured her that the payment she was making would be her last, and that the finance department guaranteed the release of her loan. One message even falsely claimed that Emma had provided the wrong bank number, preventing the transfer of funds.
Now, Emma no longer wishes to pursue the loan. Her only hope is to recover the money she lost to repay those who lent her the funds. She appeals to the public for help in exposing this scam and warns others to be cautious when dealing with similar lending schemes.
