The Serious Fraud Office says it has grounds to believe that an offence involving serious or complex fraud may have been committed by Whangarei-based foreign exchange trader CFX Trade Safe Limited.
SFO's acting director Simon McArley said the office had commenced a part II investigation, after suspecting false documents may have been used to hide a major financial loss suffered by the CFX, from investors.
McArley said the office it was alerted to the case after being contacted by an employee of CFX Trade Safe.
The SFO is encouraging past or current clients of CFX to contact the SFO if they have information about CFX that may be relevant to its investigation.
CFX Trade Safe traded foreign currency on behalf of an estimated 50 clients, both in New Zealand and overseas.
The SFO said it was alerted to the case after being contacted by an employee of CFX Trade Safe.
"A financial analysis has already been commenced in order to determine the scale of the losses involved and number of people affected,'' the SFO said.
The SFO is also working with the Companies Office, who are managing the recovery of assets from the company.
- Herald Online
