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Hi to all readers. Again I want to share more Swiss Cash news which I found on eCommerce Journal - Malaysian Government’s Investigation Towards Swiss Cash Scam and eCommerce Journal - Swiss Cash Responded (again). Here is the full news:
“Malaysian Government’s Investigation Towards Swiss Cash Scam
A highlight on today’s Malaysian local news:
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.”
“Swiss Cash Responded
Swiss Cash sent an update in response to today’s Malaysian local news:
“Dear Investors,
It was reported today that 8 Malaysians have been apprehended and under questioning by local authorities for cheating a number of investors in their own country. This syndicate had been collecting money from potential investors to invest in many Internet Scams and had never actually invested their money with SwissCash.
Swiss Mutual Fund has been coordinating with the local authorities into leading to the arrests of these culprits after receiving various suspicion enquiries and complains.
Again, we urge all investors who had invested or intend to promote our financial facility to not associate yourselves into any tactics of utilizing our facility to soliciting funds from public for your own personal benefit. Swiss Mutual Fund will not hesitate into taking any action against any party and coordinating with any local authorities to stopping their activities should we have found out their involvement in any suspicious transactions.
We would like to also take this opportunity to clarify that SwissCash is the only financial facility we offer to our global investors. We had never backed up or sponsored or launched any other financial facility that caters to the public.
Thank you
Compliance Department
Swiss Mutual Fund”
Popularity: 4% [?]
Thanks for the update on Swisscash my friend, are you personally with them?
Wouldn’t exactly call this shocking. Anyone with half a brain knew they are/were a scam.
lol, seems like crooks like to carry out exploits in Malaysia eh jorhyne? PIPS and now this.
Give them this : ……………….James 5:1-6 (Jakobus 5:1-6)
5:1 Go to now, ye rich men, weep and howl for your miseries that shall come upon you. 5:2 Your riches are corrupted, and your garments are motheaten. 5:3 Your gold and silver is cankered; and the rust of them shall be a witness against you, and shall eat your flesh as it were fire. Ye have heaped treasure together for the last days. 5:4 Behold, the hire of the labourers who have reaped down your fields, which is of you kept back by fraud, crieth: and the cries of them which have reaped are entered into the ears of the Lord of sabaoth. 5:5 Ye have lived in pleasure on the earth, and been wanton; ye have nourished your hearts, as in a day of slaughter. 5:6 Ye have condemned and killed the just; and he doth not resist you.
you’re sure one fierce guy.
Hi, in response to the above news, Malaysians including myself was eagerly waiting for the prime news on TV3 on 4th October at 8pm, at the last minute of the news, as anxiety was mounting, the TV news broadcasted the fraud crime involving the VIP’s and 8 or 9 others, the authority exposed the real case and it was announced that SwissCash has got nothing to do with the case. I sighed relief. Check this news up from a well known Malaysian english news papers:
http://www.nst.com.my/Current_News/nst/Thursday/National/20061005082630/Article/index_html
http://www.thesundaily.com/article.cfm?id=15701
Following up the news report on TV3
What can I say the media always jump into conclusions too fast. You be the judge!
well, i don’t think that that 2 news links are able to ”defend” Swisscash, but this one does : http://www.utusan.com.my/utusan/content.asp?y=2006&dt=1005&pub=Utusan_Malaysia&sec=Dalam_Negeri&pg=dn_05.htm
But but, you need a translator though…
these had nothing to do with swisscash..
does it stated in newspaper that investor didnt
get their shares ????.do people complain being cheated??
NO…
dude out there..please never trust media 100% okay..
till to day..i m still enjoying my returns.
fyi i have settled my cr card outstanding bal..
now i am intending a vacation to melbourne.
cheers!!
Hello,
I heard there are some news reported by TV3 (10 September 2006) regarding Swisscash mutual fund 1948. Does anyone here know where to find the movie clip? Any help will be appreciated and thank you in advance.
Regards
iantancm@gmail.com
Hi Ian,
Just wonder what are you trying to find out as that was an old old news anyway…
The clip is available here : http://s8.photobucket.com/albums/a37/adigroup/?action=view¤t=Movie.flv
There are few video streaming site offers TV3 news on SwissCash. Basically an investor email to TV3 and telling them how and what is SC, also posted his Maybank statement showing money coming in.
Just google “swisscash TV3″ that should do the trick.
Hello Soho,
Thanks a lot for the clip. Well, I miss the news last time. Just want to hear the news (maybe try to invest???) since it has been a hot topic among my neighbours. Thanks again.
Hi Mior,
Thanks for the hints. I do appreciate it.
It just started since April 2005. Still too early to say Swisscash is a secure investment as it is just 2 years plus.
Anyway, I’m investing it now. Just don’t go too crazy about Swisscash. Play save. You never know when it will gone with the wind.
Hi,
I’ve been with Swisscash for the past 3 month. No problem so far. Pays on time. In April, they convert all my e-points and EMF shares to ACF shares (Agriculture and Commodities Funds). I received a whopping 17598 shares priced at USD 1 per lot. But only will be able to sell them in Oct 07. No problem, by then the share will rise and I will get more returns… Thanks Swisscash. BTW, can drop me a mail at email or email if you are interested to invest. I’m also available at MSN chat and YAhoo messenger. ADIOS….
Johan, you got to be realistic and not putting anymore illusions about SC ..
You have to understand that the ACF can be fluctuated…up or down you wouldn’t know. By Oct you may see only 0.01 cent worth compares to the ”launching” price of 1.00…
Agree. They convert all my e-points into AFC without even notify me in the first place. It feels like they are having trouble managing their fund… Things like this usually lasted the most up to 5 years. Anyway, hope those invested in it can get their money back safely.
I invest in Swisscash-though they have changed their styles and methods of profiting their investors, they have never failed to do one thing of high priority:returning.
So with this accusation that Swisscash is a total scam, plus, with the rest of the comments(most of it) in claims of total support, I believe otherwise. Why? Because the action has been proven wrong itself. And the fact that Swisscash shows ability of return, thus what I see is direct, substantial evidence. And I am thankful for that.
Dear all swisscash investors,
Let me brief you the chronology of events…
Since 11 June 2007, Malaysian Govt has blocked all people from logging in swiscash website. However, we can still log in via freegate, a software created from China, and I did log in successfully even though swisscah was totally banned. After that, swisscash decided to forbid all malaysian investors to log in their respective accounts.
As at today, we can’t even log in swisscash via freegate, more even our account. I am also an swisscash investor. Initially I believed it was not a scam, but now… the sign shows that it would collapse at any time. Somemore swisscash did not entertain my ticketing at all despite I have sent numerous reminders. Now we can’t see our money in our accounts, so where is our money??? Why did they not respond to us???
Now, 99% swisscash is a scam, whether you believe it or not. I would say, all the investors’ money are gone. Swisscash is very smart, especially the people who are controlling it. We all are cheated by them.
ACF? Most probably it is just a bluff. I also can create one and name it as ACF. Now our main and only concern is, where is our money???
aggrieved malaysian investor
To All Swisscash Investors,
Swisscash is a total SCAM. I hope those “Datuks” caught in the act should be punished for cheating on innnocent investors money. The way they handled inquiries and investors investment show they are crook and a Scam.
What seen and make us all believe as a wonderful investment dream is now GONE. Even I have talked and discussed with those above me in introducing this investment scheme and make people believe it is not a scam says: why not if it make people rich why not? Her name is Grace Lee. Shame on her. She is trying to introduce other scheme and even direct selling company in what seem as a easy way to get rich is all BULLSHIT.
There a lot more of these schemes that try to take advantage on innnocent people. I will NEVER fall into these schemes again.
They say, you always have to learn your lesson first before you learn.
There are a few good opportunities out there, but you have to carefully select them and remove the rotten apples. Newbies always fall for the real scams. Most newbies at that point, simply give up. Only a very few people will keep looking and searching for the real stuff, after being scammed ..
hi.i am an investor from iran.i want to know about sc.can we earn our money?