THE Bank of Jamaica yesterday suspended the cambio operating licence issued to Money Express Financial Services Limited in the wake of investment scheme operator Ricardo Azan linking the company indirectly to his failed operation during a meeting last week with investors at a Kingston hotel.

Azan later distanced himself from Money Express saying that he is in no way connected to it. He said that he merely bought foreign exchange from the organisation. Money Express provided remittance and cambio services in Kingston and Portmore, St. Catherine.

Meanwhile, the Financial Services Commission (FSC) has said that it is gathering information on the operation of the investment scheme and Money Express.

Azan told The Gleaner that he had been trading millions of his investors dollars in Europe and had been giving them returns of between 40 and 60 per cent, per deal. He refuses to give information on how and what he trades.

The FSC, which recently issued a cease-and-desist order on Cash Plus, another high-yielding investment scheme, has noted its interest in Azan and Money Express' operations.

"We are gathering information on this matter," George Roper, the FSC acting executive director, told The Gleaner via email.

Azan and Money Express could face with legal actions should the FSC find they were issuing securities without a licence.

Over 197 investors could lose money in Azan's scheme which required a minimum of US$25,000 to join.

He has refused to call his scheme an investment club, describing it as "a coming together of family and friends to invest."