Warning against investment group

Venkat Raman

The Reserve Bank of Fiji has warned people against investing in the ‘Ecovexco Investment Group,’ stating that little was known about this company and that its claims were ‘too good to be honest and true.’

Governor Barry Whiteside said that the Reserve Bank had not granted any approval for the Group to seek investment.

“There are strong indications that the proposal offered by Ecovexco Investment Group is an investment fraud. The company promises investors huge returns of up to 15 times their capital investment in high-risk sectors such as foreign exchange brokerage, oil, gas and gold exchange,” he said.

Canada Cautions

Mr Whiteside advised people to exercise caution and restraint and said hat securities regulators in British Columbia and Manitoba in Canada had issued similar warning after the company attempted to seek investment funds from the public without seeking necessary prior official approval.

The group has been advertising in Fiji newspapers, he added.

“Contact addresses provided by Ecovexco Investment Ltd in the newspaper advertisement stated that it was based in New South Wales, Australia. Checks with the Australian Securities and Investment Commission (ASIC) and the Australian Companies Office have revealed that the company was not registered with them,” Mr Whiteside said.

Further information can be obtained from Lorraine Seeto, Chief Manager, Risk Management & Communications on 00679-3223402; Email: lorraine@rbf.gov.fj or Mervin Singh, Manager, Corporate Communications on 00679-3223229; Email: mervin@rbf.gov.fj.

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