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.

People’s Alliance had proposed for PM’s pay to be maintained at $328,750
The People’s Alliance Party had proposed to the Parliamentary Emoluments Committee for the Prime Minister’s salary to be maintained at $328,750 an...
12 hours ago
Mavericks clinch 108-105 win over Timberwolves in Game 1 of Western Conference Finals
Luka Doncic led a strong finish for the Dallas Mavericks, swishing crucial shots down the stretch, drawing a couple of fouls and even playing strong ...
7 hours ago

FijiFirst submitted proposal similar to the committee recommendation for salary increases
The only opposition party in parliament, the FijiFirst, had proposed an increase in salary of the Leader of Opposition from $120,000 to $200,000, ...
12 hours ago

Crime increases by 73% in April, 14 police officers charged for various offences – Acting COMPOL
There has been a 73 percent increase in overall crime in April this year while serious crimes increased by 65 percent when compared to the same ...
14 hours ago

Nurses buying syringes and needles for patients at public hospital
Serious concerns continue to be raised by Fiji Nursing Association President, Doctor Adi Alisi Vudiniabola on nurses having to buy needles and ...
14 hours ago

Not the right time to increase MPs pay when many Fijians are struggling – Dialogue Fiji
Dialogue Fiji has today expressed its concern and disappointment over the recommendations made by the Parliamentary Special Committee on Emoluments, ...
14 hours ago

fijivillage Straight Talk with Vijay Narayan
Latest Videos

Stay tuned for the latest news on our radio stations

CFL radio frequencies
Ministry of Home Affairs Talanoa Session on Illicit Drugs and Substance Use Disorders in Fiji
The pervasive threat of illicit drugs has emerged as a pressing concern, rapidly infiltrating and destabilizing our society therefore the Republic of ...
7 days ago

Bainimarama and Qiliho hearing in dismissal of 2 police officers case
Acting Director of Public Prosecutions John Rabuku says he wants the hearing of former Prime Minister Voreqe Bainimarama and suspended Police ...
7 days ago

Sayed-Khaiyum case on alleged payment of Saneem's taxes without proper approval
It is alleged that between the 30th of June, 2022 and the 12th of July, 2022 in Suva, whilst being employed in the civil service as the Acting Prime ...
7 days ago