Police are reminding potential investors to be wary following numerous reports in recent weeks of people falling victim to a cryptocurrency investment scams.
Detective Sergeant James Robson, of the Auckland City Financial Crime Unit, says Police have been assessing reports involving a company calling itself “Quwiex Limited” that was promising victims high daily returns through their platform.
“This company was registered in New Zealand in late September 2021 through information which has now been established as falsified,” says Detective Sergeant Robson.
Police have made enquiries into the supposed director of this company, including a supplied New Zealand address.
“Unfortunately, the identity documents are fake and there is no connection to the address supplied,” says Detective Sergeant Robson.
“No actual links to New Zealand have been able to be identified, which means those involved in this scam are based offshore.”
Detective Sergeant Robson says the victims have unwittingly become involved in a scheme that bears all the hallmarks of a Ponzi scheme.
A Ponzi scheme is a fraudulent investment scheme in which the operator pays returns on investments derived from new investors, rather than from legitimate investment profits.
“In the case of ‘Quwiex Limited’ victims initially received interest accruals on their investment and were able to withdraw funds.
“In mid-April, this scheme suspended withdraws citing a website upgrade. However, the…
