By 3 News online staff
The Serious Fraud Office has launched a formal investigation into a bullion trader after investors lost money.
Last week a Christchurch family revealed the owner of the Bullion Buyer website had told them they would not be getting back the $340,000 they had invested in gold.
The SFO is now investigating Grace Holdings NZ Ltd trading as BullionBuyer.co.nz, which recently went into liquidation according to its website.
SFO chief executive Adam Feeley says many other worried parties came forward after the media reports of investors’ concerns about their investments were published last week.
”Since then, we have moved swiftly to assess these complaints, secure the company’s financial records, and make additional inquiries,” he says.
Mr Feeley says the SFO concluded there are reasonable grounds to believe an offence of serious fraud may have been committed by Bullion Buyer so launched a formal investigation under Part 2 of the SFO Act.
He says the SFO's priority now is to make contact with as many investors as possible, and to coordinate their investigation with other agencies which may have an interest in the matter.
The SFO is also liaising with the Registrar of Companies to make sure appropriate steps are taken to protect any funds for the benefit of creditors of the company.
3 News