The Croatian Financial Services Supervisory Agency (Hanfa) warned citizens on Monday not to enter into a business relationship with XBO Invest, which operates without Hanfa’s approval, despite using the logos of Hanfa, the Tax Administration, and ESMA (European Securities and Markets Authority) in its correspondence without legal basis, indicating that it is very likely an attempt at fraud.
As they point out, XBO Invest (https://xbinvest.net/) advertises online and contacts Croatian citizens offering them investment services on the stock exchange, but without Hanfa’s approval. Its operations are therefore considered illegal in Croatia, and it is very likely an attempt at fraud, the regulatory agency adds.
The company encourages potential investors to trade through its trading platform and requires additional payments from them at the moment of attempting to withdraw funds, claiming that some form of foreign tax must be settled before payment. This is one way to extract additional money from investors, and we urge citizens not to fall for such instructions. Foreign regulators have already warned about the suspicious activities of this company, urging citizens not to enter into a business relationship with it, Hanfa states.
They also emphasize that the use of Hanfa’s logo in correspondence to investors is not legally justified, and Hanfa calls on citizens not to enter into any business relationship with the mentioned company.
– Before any investment, we advise citizens to check with whom they are entering into a business relationship and to thoroughly inform themselves about potential risks. We also warn them not to fall for false promises of quick and large profits or pressures suggesting that it is a unique and time-limited opportunity – Hanfa officials state.
