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I just wanted to post this to show the people who still believe that PIPS was unfairly or unjustly picked upon. I feel sad about PIPS but we have to face the truth. We have laws in Malaysia and our systems may not rival the US but it delivers justice.
Here is the article -
Quote:
Originally Posted by thestar
Date : 9/28/06 Trio in money laundering case
By LEE YUK PENG and CHRISTINA TAN
MALACCA: Two businessmen and a jobless man have claimed trial to 202 charges of money laundering involving RM18.6mil. They were charged at two separate Sessions Courts yesterday.
Businessman Teo Chin Hua, 57, pleaded not guilty to 98 charges involving RM8.6mil.
He was alleged to have committed the offences between Jan 3, 2003, and Dec 22, 2004, at the Bank Bumiputra Commerce Bhd branch at Wisma Haji Sulong Siban in Masjid Tanah.
Teo allegedly committed the offences through the bank account of Techint Enterprise.
Sessions judge Sabariah Othman fixed bail at RM500,000 with one surety and asked for his passport to be surrendered to the court.
Sabariah also set the hearing date for Jan 17, next year.
In another Sessions Court, businessman Lee Swee Chwee, 47, and Ng Lian Chi, 37, from Taman Mengkuang, Masjid Tanah, claimed trial to 62 charges involving RM4.9mil and 42 charges involving RM5.1mil respectively.
Lee allegedly committed the offences between Jan 2, 2003, and Jun 22, 2004, at the same bank branch through an account belonging to Chua Ah Yong, while Ng allegedly committed the offences through his own account at the same branch between Feb 10, 2003, and Sept 23, 2004.
Both were represented by Betty Chew.
Bail was fixed at RM300,000 with one surety each and their passports to be surrendered to court. Judge Ahmad Kamar Jamaludin fixed Oct 30 for mention.
All three accused had not posted bail as of press time.
Chew and Teo's counsel K. Karnis had asked for lower bail. They said their clients were prosecution witnesses in a criminal breach trust case against a bank manager.
Bumiputra Commerce Masjid Tanah bank manager Zainal Abidin Othman, 45, had been charged with CBT involving fixed deposits totalling RM18.05mil on Jun 20, last year.
As you can see, the Malaysian goverment is serious about combating illegal deposit taking and money laundering. Its not personal as some claim.
Once again, get "rich quick scheme" brought down by Malaysian Justice System. Although I think this case would have a bearing on PIPS, I posted it on the General section for all to see. Touted as an "Internet Scam" it draws some similarities to the BM's case.
Consistent governing of BN rules. I knew that Swiss Cash was going to "get it" because they were very aggressively promoted. Even the PM has called for people who have joined to come forward.
Quote:
Originally Posted by Star Online 10/4
However, after the report appeared in the tabloid, the Securities Commission and Bank Negara released statements saying SwissCash had no licence to collect funds.
Prime Minister Datuk Seri Abdullah Ahmad Badawi also issued a statement calling on those duped by the scam to quickly lodge reports.
theBat$
__________________
COMING TO PENANG?
TAKE A LOOK AT WHAT'S IN STORE, LET BATTY BE YOUR GUIDE!
SwissCash is not A Scam. The Malaysian authorities have also no jurisdiction over SwissCash/SwissMutualFund. The Swiss Authorities have No Jurisdiction over SwissCash.SwissMutualFund as well. SwissCash is Not a "Get Rich Quick" scheme. The average 20% monthly return includes the payments of the principal....
If the Malaysian and the Swiss have no jurisdiction over Swiss Cash, what happens when you do have a legitimate complaint????? If that is so, I would have named it "Nobody's Cash".
Everybody thought SI was respectable and legit. It all boils down to, who really can you trust? Words mean nothing. People say "l love you" all the time but still look at the divorce rate. It would be simpler to say, "I'd screw you.... (if I got the chance)".
Quote:
Originally Posted by pinetree
Anyone can legally sign up with SwissCash via its website. There is no law prohibitting any investors to invest in a legit program on line. However, many jurisdictions prohibit unlicensed brokers to solicit the general public to invest any legit or not legit investment programs. There is no law to prohibit the words of mouths to spread over the internet.
pinetree
Please don't misconstrue my intentions Pinetree, my humble apologies if you feel slighted. What you said is true. Its not a crime, anyone with a internet connection and free will sign up. I am saying that these people (Malaysians) going around "selling" Swiss Cash to innocent people that may not be aware of the risk involved. These "salesman" commiting an offence in the eyes of the Malaysian Law because they are not a financial entity. I have even seen Swiss Cash advertistment in the newspapers with a headline stating "No money to Marry, then invest here!". It is a matter of time before the authorities catch up to them.
UPDATE : Swiss Cash not the one in trouble!
Quote:
Originally Posted by Utusan Malaysia Online
Kes tipu: Dua ‘Datuk’ tiada kaitan Swiss Cash
Oleh SOPI SAMAILE
KUALA LUMPUR 4 Okt. – Pengarah Jabatan Siasatan Jenayah Komersial Bukit Aman, Datuk Ramli Yusuf hari ini menjelaskan kes penipuan yang membabitkan dua orang Datuk semalam tiada kaitan dengan skim pelaburan Swiss Cash atau Swiss Mutual Fund.
Katanya, ia melibatkan dana bank Union Swiss yang tiada kaitan dengan pelaburan Swiss Cash. Swiss Cash ialah satu skim pelaburan luar pesisir yang urusniaganya dilakukan menerusi Internet.
This article dated 10/5, The Director of the Commercial Crime Bukit Aman, Datuk Ramli Yusuf clarified that Swiss Cash which it deemed and off shore investment through the internet is not connected to the case of the two Datuk, which are running another scheme.
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Another Money Laundering case - NOT PIPS
Swiss Cash in Trouble
Swiss Cash is legitimate?
It would be simpler to say, "I'd screw you.... (if I got the chance)". 
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