It is the end of this scam. For those who had been conned, good
luck in getting your money back
http://www.thestar.com.my/news/story.asp?file=/2006/10/4/nation/15620816&sec=nation
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 magistrates
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 schemes 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.
