6 Mar 2015

Fiji Reserve Bank issues investment fraud warning

7:41 pm on 6 March 2015

Fiji's Reserve Bank is asking people to not invest with a company that has been advertising investment opportunities in local newspapers, saying there are strong indications of fraud.

In a statement, it says Ecovexco Investment Group has been granted no approval from the bank to operate, saying offshore investments by an individual must first gain approval from the Reserve Bank.

It says Ecovexco has promised investors huge returns of up to 15 times their capital investment in high risk sectors, which indicates the proposal is an investment fraud.

The advertisements in the newspapers say the company is based in New South Wales, but checks with the Australian Securities and Investment Commission have revealed the company is not registered with them.

There have been similiar caution notices about Ecovexco issued in Canada.