A clone company using the name of a legitimate Bermuda-based firm is suspected to be operating.

Kuva Limited, which is found at www.kuvaltd.com, promotes an investment firm which falsely claims to be regulated by the Bermuda Monetary Authority (BMA).

An investigation by The Royal Gazette found that the website, created using the free blogging tool WordPress, was created in Germany, but is based in Italy.

It was registered by Guiseppe Martino, who lists an address in Genoa, Italy, but his e-mail address is given as giuseppe.ditullio@mail.com — the same name listed on the fake site as the chief investment officer.

The site claims the company is licensed by the “Central Bank of Bermuda”, an entity that does not exist, and claims the general manager Ivan Erak has “a professional advanced brokering certificate issued by the Bermuda Ministry of Finance”.

However, in reference to the alleged certificate, a spokesman for the Ministry of Finance stated: “No such thing exists from the Ministry of Finance.”

The bogus firm also claims to have an investment portfolio of more than $433 million.

An e-mail to Mr Martino, listed as the registrant of the website complete with e-mail address on WordPress, bounced back as undeliverable.

The same e-mail was forwarded to the Kuva Ltd e-mail address for Mr DiTullio on the fake website, but there was no reply.

The BMA said that there is a company called Kuva Ltd, which operates an authorised investment fund and is listed with the authority, but it is not connected to the company using its name or the fake website.

The real Kuva Ltd is listed at Cumberland House on Hamilton’s Victoria Street.

A spokesman for the BMA said that clone company uses the details of a genuine firm to convince potential investors they work for that entity when they do not.

He added: “Not everyone is a financial expert. If you’re not sure about something, ask.

“Before you invest in a product, research it first and read the prospectus.

“If the information you have been given is not clear, ask for clarification to ensure you’re aware of both the benefits and potential risks of a transaction or investment.”

He added: “Also make sure that the investment company has a license and that the salesperson has the adequate credentials and experience.”

The spokesman said red flags should also be raised if potential investors are asked for “unnecessary or inappropriate” details, if the offer sounds as if it may be illegal or simply too good to be true.

“If the answer to any of these questions is ‘yes’, think carefully before you act.”

And he said: “If the deal on offer feels unofficial then consider why that is. Remember that institutions should never e-mail you looking for account details or personal information.

“E-mails requesting such information should be ignored and deleted.”

He added the BMA has added the bogus Kuva Ltd to its warning list of unauthorised firms and individuals, which can be found at www.bma.bm/SitePages/warning-list.aspx.