MEMBERS of the public are warned against investing with a local fraudulent money-making scheme known as JJ ARK Investment.
Director of Solomon Islands Financial Intelligence Unit (SIFIU), Jimmy Sendersley issued the warning last Friday.
He said JJ Ark Investment is being promoted by a person by the name of John Pegoa who resides at GPPOL2, Guadalcanal plains.
He said Pego is also operating a retail shop at GPPOL2 from where he operates the money scheme from.
Mr Sendersley said JJ Ark is attracting a lot of participants from GPPOL and the surrounding villages.
“From the information collected, the scheme is similar to the 5 Golden Dreams Investment that is still being promoted in Lata, Temotu Province, Noro in the Western Province and also here in Honiara by some individuals,” Mr Sendersley said.
“Information collected is also linking a person from Makira by the name of John also who is purportedly involving in the promotion of the 5 Golden Dreams Investment, working with John Pegoa promoting the JJ Ark Investment.
“Perpetrators of this scheme are asking people to pay in $250for one ticket and expect a return of $5,000within a week or two, a 1,900% return on investment.
“We have received numerous queries from the public to investigate this scheme and to properly inform the public on its genuineness.
“Let me make it clear to the public, that JJ Ark Investment is a Ponzi scheme that is giving false hope to the people (participants).
“We have had many such schemes in the past where people lost their hard earned savings and are still recovering from their losses.
“Ponzi schemes are unfair schemes where funds paid in by those who are joining the scheme at the later stages will be used to pay off those who joined the scheme at the earlier stages.
“In the case of JJ Ark Investment, only 5 percent or less than 5 percent of those who participated in the scheme will be lucky to get their promised returns.
“This means the other 95 percent will get nothing,” Mr Sendersley said.
He said there is no account opened for JJ Ark Investment in any of the banks in the country including the Central Bank of Solomon Islands.
“May I remind the public, especially those up there in the Guadalcanal Plains to stop investing your hard earned savings with JJ Ark Investment.
“It is not a genuine investment scheme and so save yourself from becoming part of it.
“Seek expert financial advices from knowledgeable people before committing your funds to any sorts of investments.”