A company which was found to have duped investors over biofuel and waste management schemes in Central and south America has been wound up by the High Court.
An investigation by the Insolvency Service found that the company, Greenwave Bio Ltd, offered investors “projected lifetime returns of over 800%” and invited them to “tap into a 30% year-on-year growth industry”.
But the investigation found no evidence of Greenwave having any involvement in the biofuel or waste management industries.
David Hill, a chief investigator at the Insolvency Service, said: “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 that 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 likely to have duped potential traders and persons interested in the company.
According to the service, Greenwave Bio Ltd was incorporated on 2 February 2010 under the Companies Act 2006 as a private limited company. The registered office of the company at the time of liquidation was Thames House in Esher Surrey.
The Insolvency Service said the court also heard that persons behind Greenwave may be attempting to move their operations to another jurisdiction, as Greenwave’s website recently recorded that the company was registered in Canada.