hmm where are those swisscash agents now?
as early as last october, warning bells have already been
rung
In Malaysia, about 40 investors are believed to have
fallen prey to the scam. According to reports, eight men are
helping police in their investigations into alleged cheating of
about RM20 million ($8.7 million) through the Swiss Cash fund, in
October last year. The Swiss Embassy and Central Bank in Malaysia
have both issued warnings to investors about the
scheme.
and for those who invested in schemes/projects/investments not
regulated by MAS, another warning bell
The Monetary Authority of Singapore (MAS) has confirmed
that Swiss Cash or Swiss Mutual Fund is included in the MAS'
Investor Alert List (IAL). This is a list of companies or
individuals that may be conducting activities not regulated by the
MAS.
.
The list can be found at
www.moneysense.gov.sg/check_our_list/Consumer_Portal_IAL.html.
.
By giving Singaporean investors the false impression that they are
operating in Singapore or by sometimes using names similar to
entities regulated by the MAS, these companies are able to attract
Singapore consumers, the MAS' website said.
.
Consumers who deal with firms that are not regulated by the MAS
will not get recourse to compensation if they lose money on their
investments, the central bank said.
It added that the promotion of the fund seems to work via agents on
a multi-level marketing or MLM system, which appears to closely
resemble a pyramid scheme.
