Online Paluwagan (Onpal)
According to the information communicated to the Commission, the scheme involves a scheduled collection of money from each member by one or few administrators with an expectation to distribute the funds with interests to all members on their respective payout schedules. The persons recruiting or soliciting investments were promising huge returns to their members within a short period of time with interests ranging from 10% - 757% in as little as One to Ninety (1 – 90) days.
Transactions between the administrators and members were made through remittances, wire transfer, and cash deposits, among others. The social media was also extensively used to promote and operate the scheme.
Unfortunately, many of their respective members incurred huge loss of money and the administrators were reportedly unable to refund investments.
- Online Paluwagan or Onpal according to the Securities and Exchange Commission ()
Main source of funding are from investors.
Other funds are from founder or trades.
Inviters can be found online like being an admin in group chats or fb pages.
The inviter shows his payout to lure new investors.
The exit plan is usually executed by the founder.
Ways to Earn:
A. Gambling in Crypto. Primedice is an example.
B. Trading in exchanges like Bittrex or Forex.
C. Riding on other OnPal.
D. Cloud mining.
These are the risks:
No one wins in an online gambling game because all are manipulated.
In trading, no one knows if stock values go up or go down and you do not know if the traders really know how to trade. Sometimes the traders are anonymous.
There is a possibility of losing because the founder of the Onpal that you have joined in only rides on other Onpal.
Your loss is a 100% sure.
Avoid ALL Onpal and please do not let other people hold your hard-earned money for a seemingly large and conspicuous profit.