A fake company operating an offshore cryptocurrency investment scheme has been investigated by police after multiple people fell victim to the scam.
Detective Sergeant James Robson, of the Auckland City financial crime unit, said police received reports involving a company calling itself Quwiex Limited.
It claimed it could offer investors high daily returns.
“This company was registered in New Zealand in late September 2021 through information which has now been established as falsified,” said Robson.
The supposed director of the company had a New Zealand address but Robson said an investigation revealed the entire company was falsified.
“No actual links to New Zealand have been able to be identified, which means those involved in this scam are based offshore.”
Robson says the scheme has all the hallmarks of a Ponzi scheme – a fraudulent investment scheme in which the operator pays returns on investments derived from new investors, rather than from legitimate profits.
Those who had invested received some interest based on their investments, and were able to take money out.
“In mid-April, this scheme suspended withdraws citing a website upgrade.
“However, the website was deactivated on the date the upgrade was supposed to be complete.”
Investors’ funds had disappeared.
“Police acknowledge the financial distress falling victim to one of these schemes can cause,” says Robson.
“Unfortunately,…
