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).

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 aforementioned website.

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 said 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.