RBF

Elite Society being presented on social media not approved by RBF

Elite Society being presented on social media not approved by RBF

By Vijay Narayan
Tuesday 27/02/2024
The Reserve Bank of Fiji

The Reserve Bank of Fiji has made it clear that the “Elite Society” like most similar investment schemes presented on social media, is not approved by the RBF. The RBF says any scheme which has certain features is a managed investment scheme that should be approved by the Reserve Bank of Fiji under the Companies Act 2015.

The features include that people contribute money or money’s worth as consideration to acquire rights (interests) to benefits produced by the scheme (whether the rights are actual, prospective or contingent and whether they are enforceable or not); any of the contributions are to be pooled, or used in a common enterprise to produce financial benefits, for members who hold interests in the scheme (whether as contributors to the scheme or as people who have acquired interests from holders); and the members do not have day-to-day control over the operation of the scheme, whether or not they have the right to be consulted or to give directions.

The RBF is again warning the general public to refrain from engaging in investment schemes presented on social media platforms after the media release issued by the Fijian Competition and Consumer Commission on the scam by the name of “Elite Society” which is recruiting members through a facebook account.

It says in a time where social media is a key source of information for many users, it is important that retail investors wishing to engage in any investment scheme are aware of the risks associated with relying on recommendations disseminated on social media, when making investment decisions.

Members of the public need to exercise caution when engaging with “Elite Society” or any schemes operated through non-approved individuals or entities, as fraudulent schemes are becoming more sophisticated in their approach to lure uninformed investors.

People are also most welcome to contact the Reserve Bank of Fiji to enquire about the legitimacy of investment schemes presented to them on social media platforms.

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