FMA says Evorich has hallmarks of scam

NEW Zealand’s financial markets watchdog is warning Evorich is a possible scam.

Yesterday, the Financial Markets Authority (FMA) issued a scam warning about Evorich, a Russianbased multilevel marketing company, which says it plans to launch a cryptocurrency, and has been seeking investors throughout New Zealand, including in Otago.

Last month, the Otago Daily Times investigated Evorich, headed by Andrey Khovratov, former iterations of the company and talked to people with concerns it could be a scam.

At the time, the FMA said it was making inquiries about Evorich.

Yesterday, the Commerce Commission said it had not launched an investigation but had passed the ODT article on to the FMA.

The FMA warning, issued yesterday morning, confirms Evorich is a rebranding of former entities including New Economic Evolution of the World (NEEW) and Skyway Investment Group, about which the FMA has issued warnings since 2018.

‘‘The FMA recommends exercising caution before dealing with Evorich,’’ the latest FMA warning states.

‘‘We believe Evorich, NEEW and the websites have the hallmarks of a scam.’’

The ODT asked Evorich promoter Leroy Tripp, of New Plymouth, and Evorich New Zealand director Neil Morrison, of Auckland, for their reactions.

‘‘Funny there [sic] singing the same old tune,’’ Mr Tripp replied online.

‘‘When they going to do some actual work and go straight to the source. Andre Hovratov [sic], he's not hiding.’’

Mr Morrison said questions should be directed to Evorich’s Kazakhstan lawyer.

At the time of publishing, no response had been received from the lawyer.