Financial cops warn of investment scam

| 04/09/2018 | 3 Comments

Cayman News Service(CNS): The RCIPS Financial Crimes Unit is investigating reports of a fraudulent investment company said to be based in the Cayman Islands which is targeting investors in New Zealand.  The FCU said several people have already lost money to this scam, including one who lost more that US$20,000. The police warned anyone considering investing money in Cayman companies to do proper research of the company of choice to ensure its legitimacy. The police advised people making any investments to be cautious and conduct their own diligence checks.

The finance detectives pointed out that the Cayman Islands Monetary Authority (CIMA) regularly publishes notices on companies that are not registered or licensed to trade here but have been found to use websites with Cayman addresses.

This is just one place the public is advised to check when researching investments using online platforms.

Police said, “When it comes to making any investments, be cautious and conduct your own diligence checks.”

  1. Use the internet to research the company’s address and other unique identifiers. Such research may also reveal other defrauded investors.
  2. Be suspicious of companies that filter telephone inquiries by answer phone. Ensure that you are able to talk to someone when you make a telephone inquiry rather than receive a call back. Record any telephone numbers you receive investment calls from.
  3. If practicable, always insist on meeting representatives of investment companies in person before investing funds.

 If funds are transferred to a fraudulent account, it is important to act quickly:

  1. Contact your financial institution immediately upon discovering the scam.
  2. Request that your financial institution contact the corresponding financial institution where the transfer was sent.
  3. You are encouraged to keep all original documentations, emails, faxes and logs of communications. 

Because scams and fraudulent websites can emerge and change very quickly, people are encouraged to report any suspicions of possible internet scams by filing a complaint with the Financial Crimes Unit at 949-8797, regardless of whether a loss is suffered.

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Comments (3)

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  1. Anonymous says:

    how about providing the name of said company

  2. Anonymous says:

    Scams, It is called the banks on this Island.

  3. Anonymous says:

    Who is still falling for scams? This is 2018 Google everything you dont know! Words, people, phone numbers…Knowledge is power.


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