The Securities Commission has given a warning against a certain illegal investment scheme.

The warning issued by the commission is regarding Ira NRG NZ Ltd. (INNL), a company which registered in March and currently sports around 246 shareholders in the countries of New Zealand, Australia and the United States. Most of its parcel holdings are in multi-millions.

Ira is looking for public funds for setting up a gasification plant in New Zealand for producing electricity.

The Securities Commission head Jane Diplock told that the public offer of shares by INNL was not a legal one since the company did not have any registered prospectus.

He said that any kind of purported allotment of shares to investors would be void and would not have any effect.

He further said that the people must not invest in the company before it accords with the needs of the Securities Act 1978.

The only director of INNL is Simon Romana, who, to the many internet users is the owner and founder of Winnipeg. The company is based in Canada and is offering new gasification technology.

The company gave some of its time in dispute initially this decade with a gasification system inventor in New Zealand.