Thread: Swiss Cash Crackdown in Malaysia

Two Datuks held over Internet scam

KUALA LUMPUR: Two Datuks and six others have been placed under remand to help investigations into a get-rich-quick scheme that allegedly promised “huge returns for a minimum investment.”

The Datuks, aged 47 and 57, were produced before a magistrate’s here yesterday together with the others, aged 26 to 58, after their arrest on Monday.

Magistrate Azniza Mohd Ali ordered them to be remanded for five days, until Oct 7.

The police are investigating the case under Section 420 of the Penal Code for cheating.

The alleged scam, known as SwissCash or Swiss Mutual Fund (1948), was uncovered early last month and reported in a Malay tabloid.

Over 50,000 people have purportedly signed up for the scheme since its introduction in April last year.

The Swiss Embassy here has denied that its government had approved the scheme and also rebuffed claims that it was based in Switzerland.

SwissCash, which operates through the Internet, claims to be an “easy, fast and secure scheme.”

It claimed investors’ funds were channelled to business activities ranging from oil exploration to shipping and agriculture in the Caribbean.

Investors are required to pay a registration fee of US$30 (RM110) to join the scheme, which allegedly offers huge returns for a minimum investment of US$100 (RM370).

Those behind the scheme also claimed that investments of US$1,000 (RM3,700) or more could earn a profit of up to 300% after 15 months.

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.

Among the scheme’s purported victims are a lawyer, a consultant, a technician and the secretary-general of a government ministry. They claimed they had been cheated of nearly RM20mil.

Datuk = Title given by the Sultan/King

http://thestar.com.my/news/story.asp...816&sec=nation

theBat$

Not even the two Datuks were given any spare satays to string-pulling which is prevailant over there however, having that fact known, it goes to show just where the line is drawn and justice steps in when promise returns are not kept and will never be met esp. if it is uncovered that the operation by SC will someday face a stubborn wall of the Law, having no license granted.

50 thousand duped "coconuts" will someday realise like the many more thousands (or perhaps a trickling few handfuls left ) Pipsters still doubting and willing to give BM the benefit of the doubt...

Has it not occur to those who received some form of compensation payouts...to be simply a small portion of the longterm strategy worked out and scarifices made by early "kowtow" ang pows (aka red packets) wsa just a front???

Thanks J, for bringing this SC case to the fore...


Cheers to the RC CARE Group...

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. A daily 1 % (20% per 30 days) is not a very high return in view of the fact that many international trading banks are producing 2 % or higher profit daily from "trading" and it is not impossible to keep paying just 1 % or 50% of 2 % daily profits over a long term for SwissCash or any other experienced Trading Banks. The big difference between SwissCash/SwissMutualFund and most of other banks is that the other banks do not "share" profits from daily trading with the depositors even though they are using the customers money for "daily trading". The problem I can foresee is that the Malaysian promoters of SwissCash could be "banned" to sell or promote SwissCash products if they failed to obtain "licenses" as financial brokers. It is very legal for any investors on line to join SwissCash.SwissMutualFund via their website. Only those who have been excessively promoting or organizing a "pool fund" could be cracked down by the Malaysian authorities.

pinetree

at last....the truth is out there,.....TV3 announced to the public that 8 Malaysians have been apprehended and under questioning by local authorities for cheating a number of investors is not related with SwissCash!

Thank You again TV3 for spreading a truth about SwissCash!

Originally Posted by pinetree

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. A daily 1 % (20% per 30 days) is not a very high return in view of the fact that many international trading banks are producing 2 % or higher profit daily from "trading" and it is not impossible to keep paying just 1 % or 50% of 2 % daily profits over a long term for SwissCash or any other experienced Trading Banks. The big difference between SwissCash/SwissMutualFund and most of other banks is that the other banks do not "share" profits from daily trading with the depositors even though they are using the customers money for "daily trading". The problem I can foresee is that the Malaysian promoters of SwissCash could be "banned" to sell or promote SwissCash products if they failed to obtain "licenses" as financial brokers. It is very legal for any investors on line to join SwissCash.SwissMutualFund via their website. Only those who have been excessively promoting or organizing a "pool fund" could be cracked down by the Malaysian authorities.

pinetree

The fact that they are collecting money from the public irrespective of how legit or noble the program without approval from the SEC or BN is illegal. Hence considered illegal deposit taking and hence a crime.

If the Malaysian and the Swiss have no jurisdiction over Swiss Cash, what happens when you do have a legitimate complaint????? If so I would have named it "Nobody's Cash".

theBaT$

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

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!".

TheBat$

theBat$