About nine months ago, I gave a warning about a potential scam called Swisscash. Apparently, looks like they have been busted. Extract taken from the Business Times:
IN an unusual move, the Securities Commission, Malaysia’s capital markets regulator, has taken civil action against the promoters of an alleged investment scam over the Internet that could have bilked Malaysian and other investors by as much as RM285.5 million (S$126.7 million).
In documents lodged with the High Court of Malaya, the regulator accused the promoters of ‘dishonesty’ and ‘fraud’, of operating without the necessary fund management and investment licences, and of money laundering – all offences that are criminally punishable.
Indeed, it might be added that the promoters of the alleged scam would have also fallen foul of Malaysian banking laws for accepting deposits without a licence. But the central bank wasn’t involved and the Commission chose to take the civil route, in tacit acknowledgement, perhaps, of the generally unsuccessful nature of previous prosecutions.
Quite apart from the presumption of fraud implicit in the investor schemes, the action of the authorities also signals an attempt to police the Internet – at least for Malaysian investors – through judicial means.
On June 21, the High Court granted sweeping injunctions to the Commission to freeze the assets – primarily deposits in Malaysian banks – of three Malaysians and four companies linked to the individuals. The promoters named by the SC are Albert Lee Kie Sien, Kelvin Choo Mun Hoe and Amir Hassan who, the Commission alleges, used their so-called Swiss Mutual Fund and SwissCash as high-yield schemes that promised investors ‘300 per cent returns over 15 months.’
The government has already blocked the websites but the court further restrained the defendants from continuing to promote their schemes.