Muscat: Warning not to get trapped in money chain scams or financial reward promises circulating through social media. Many fraudulent messages are circulating every day, claiming that there is a financial reward and claiming to be from the bank. In this situation, the authorities came out with a warning again.
The latest is the announcement that Petroleum Development Oman (PDO) is offering financial rewards to customers. Officials said the campaign was fake. The PDO officials stated that this ad is fake and the company has nothing to do with it. The statement said that consumers should exercise caution and rely only on information from official sources of the company in such cases. Meanwhile, expatriates lost tens of thousands of Riyals in a money chain scam by a company in Oman. Many people are sharing their experiences on social media.
The few who invested in the company initially received dividends, leaving many more vulnerable to fraud. In the beginning, those who received the money made a network of relatives, neighbors and friends which added to the depth of the fraud. The Ministry of Commerce officials point out that the reason for this is the greed to earn money quickly and if you invest in such schemes, you are likely to be cheated.
Last year, the Ministry of Commerce had banned the sale, advertisement and promotion of goods and products through network marketing and pyramid schemes. If caught, the minimum fine is 5000 riyals. By this, it was possible to reduce the extent of fraud. Ministry of Commerce spokespersons say the law has also deterred individuals from cheating.