24 Sep 2014

Illegal money scheme targeting Solomons farmers

6:36 pm on 24 September 2014

The Central Bank of Solomon Islands is warning people not to invest in fraudulent money schemes which are resurfacing in the country.

The latest scheme, JJ Ark investment, is allegedly run by local businessman John Pegoa and is targeting oil palm farmers on Guadalcanal.

It is promising payouts of 681 US dollars for every 34 dollar ticket bought in the scheme - which is a return on investment of approximately 2000 percent.

The Director of the Central Bank's Financial Intelligence Unit, Jimmy Sendersley, says JJ Ark has no accounts with commercial banks in the country and he urges people to report any similar schemes to the police.

The RSIPF central watch house in the capital Honiara.

The RSIPF central watch house in the capital Honiara. Photo: RNZI Koroi Hawkins

" Just think before they put their money in any sorts of investment. They can call our office, Central Bank, so that we can give them advice as to, if whatever financial arrangements that they have with people, are genuine. They should not just accept promises of a huge return."

Financial Intelligence Director Jimmy Sendersley