English | Dzongkha Saturday, June 15, 2019

Millions lost to a scam


Jul 24, 2011

A number of people, mainly in eastern Bhutan, have been conned of several million Ngultrums through an online scam known as UNIPAY2U.

The scam promises 100 percent to 150 percent returns on investments within a short period 10 months.

Internet search shows that UNIPAY2U has offices in Malaysia, the Philippines, India, Bangladesh and Nepal.

A Deputy Governor with the Royal Monetary Authority said it is impossible for anyone to pay 100 percent returns on deposits within a short period of time.

The scam operators pay good returns initially but that’s only a ploy to lure people. As the victims continue to invest more and more in the hope of making more money, the scammers disappear with the money.

Many of the victims are civil servants who have also unwittingly encouraged other people to participate in the scam.

It is believed that the scam penetrated eastern Bhutan last year. There are reportedly around 500 clients in each eastern district.

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