A firm which misled investors by claiming to sell bio-fuel technologies and promising an 800 per cent return on investment has been shut down by the High Court.
The High Court today ordered Greenwave Bio be wound up on public interest grounds following an investigation by the Insolvency Service.
The firm claimed to be a holding company for bio-fuel technologies in Central and South American waste energy projects.
It offered investors “projected lifetime returns of over 800 per cent” and invited them to “tap into a 30 per cent year-on-year growth industry”.
But the investigation found no evidence of Greenwave having any involvement in the bio-fuel or waste management industries.
The Insolvency Service says the firm was simply a “scam” and used a boiler room operation to phone UK investors and persuade them to buy shares.
Insolvency Service chief investigator David Hill says: “Greenwave misled investors by claiming to be part of an international company and exaggerating the rate of return on investment. This would have attracted investors keen to invest in such a high yielding and ethical company.
“The winding up of this company shows the Insolvency Service will not stand to one side while the public gets scammed by chancers riding on the back of ethical investment.”
Deputy Judge J Baldwin QC, who made the winding up order, said the claims made by the company had been wholly misleading and were likely to have duped potential traders.
The Insolvency Service says it is not currently known how much money has been lost by investors.