In recent years, many New Zealanders have been lured into seductive-sounding eco-investment schemes, promising high returns from green ventures like offshore wind farms or carbon initiatives.
But for thousands, these schemes turned out to be empty promises, and to date, no one has faced criminal charges.
A high-stakes, eco-themed con
One high-profile case involved a pensioner from Waikato, who invested $150,000 in what was described as an “HSBC‑branded ‘eco‑bond’” supposedly financing a government-backed offshore wind project.
Despite glossy marketing materials and professional-sounding assurances, the operation was revealed to be a hoax—and the money disappeared into thin air.
It targeted investors with claims of tax-free interest with zero risk, but delivered none of it.
The victim said he was “gutted” to learn the offer—and even bank contact details—were all fake. No formal charges have been laid in connection with the scheme.
Ponzi-style eco-schemes reaching deep into communities
More troubling are Ponzi-like investment schemes that use promises of ecological or carbon-offset profits to attract people seeking both financial gain and environmental impact.
- One long-running Ponzi operator in Dunedin pocketed at least $15.7 million before being exposed.
- Others involved false carbon-trading ventures, where some people reportedly lost hundreds of thousands, unaware they’d entered fraudulent setups.
Why prosecutions haven’t followed
Despite these significant losses, few prosecutions have taken place.
Legal obstacles include proving intent to deceive, tracking funds across borders, and distinguishing a failed investment from criminal fraud.
While some cases have been referred to the Serious Fraud Office, the prosecutions remain limited—and no high-profile eco-scam mastermind has yet faced jail time.
The broader toll
- Nearly $200 million lost by Kiwis to scams in the past year.
- A 2024 survey found one in five New Zealanders had been targeted by investment scams.
Victims include retirees, rural workers, even financial professionals—referred by friends or urged to invest via intimidating calls.
What to do next
If you’re concerned you might be affected:
- Check your bank account and investment records for any “eco”, “green bond” or carbon-related entries.
- Stop all contact with anyone promoting unsolicited eco-investment deals.
- Report to the Financial Markets Authority and CERT NZ—even if charges aren’t laid, it helps track patterns.
- Talk things through with a trusted financial adviser or family. Often, discussing it publicly is the first step toward recovery.
This wave of eco-scam activity highlights a troubling gap: although these schemes prey on Kiwi values like sustainability and trust, the lack of prosecutions underscores a failure in accountability.
Until that changes, it’s up to individuals to stay informed—and cautious—when green returns seem too good to be true.
