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SwissCash Scam Busted

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.

taken from TheStar.com.my

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18 comments

SwissCash Critic on June 28, 2007 8:24 pm

Thank you for the information. I also have been monitoring SwissCash SIP25 for quite sometime and find it to be quite suspicious. In fact I did a lot research and there have been a lot of solid evidence out there that show SwissCash is a very risky investment. Please take a look at http://swisscash-investment-review.blogspot.com to see strong solid evidence from, Singapore, Malaysia, Hong Kong, banks, governments, newspapers, etc.

zak on July 10, 2007 4:52 pm

hi there , i’ve been with swisscash for 8 mth i’ve getting my returns promptly from e company, as for the 2 datuks , swisscash did not engage anyone or ask anyone to represent them is doing the advertisement for them in malaysia especially in kuala lumpur

guru on July 31, 2007 12:21 pm

i’ve been investing on SwissCash for 1 year plus, actually the 2 datuks have nothing related to SwissCash investment and how can you proove that SwissCash is one of the so-called SCAM investment? I still getting my returns paid every months like what they listed on the account. SC is still the best investment system in the world and i bet in year 2010 there are tons of global bank including Malaysian Bank will follows the way the e-investment & e-stock market style like SC had nowadays.

keven on August 2, 2007 8:59 pm

I am from US ,and I ivested $2000 3moths ago to swiss cash .
3 weeks ago I tried to wired out $1000 but never works.
I tried to contact them but never got response . 100 % swiss cash scam
now I try to contact my district attoney and start need help from US gorverment.
hopefully they may find terorist link to swisscash some thing, I know alots of victims in US already ,I think soon swiss cash will have real troulble when the qorverment start jump in.
By the way my swiss cash ID :ustom3140901
and my Email : vietvideo1@yahoo.com
Any body or victim has question please contact me but first please stay away from swiss cash , please post this message to any where on the internet for people aware.
Thanks

searcher on August 13, 2007 4:24 pm

guru/zak, did you actually receive real cash $$$ from SC into your personal bank account or just numbers reflected on the website ?

henry on August 26, 2007 2:35 pm

i have been trying to log on to this so-called, sip25.com for over a week now and have been unsuccessful. I am certain that this company is indeed a scam. All I need is help on retrieving my money. These culprits should not get away which just extensive damages to people, who have been working very hard for their monies and trying to do a little investment for a better life.

melz on August 26, 2007 2:47 pm

as far as i know sip25.com is a phishing site that logs your login/password.

Siti on September 5, 2007 2:35 pm

All SC Investors,
As on August 17, 2007 at 0701GMT, we started the major upgrading and changing of 2 new servers with new face and new system.

Reasons behind:
(1) SC is undergoing major maintenance and switching of servers.
(2) SC did not give prior notice to its investors for security reasons.
(3) SC is currently undergoing rebranding, new enhancement and security.
(4) SC is upgrading to accommodate the growth of its business worldwide.
(5) SC never lacking in business as many countries are not Fully tapped.
(6) SC has been spending millions of dollars in upgrading and security.
(7) SC is not obligated under any transparency act Inshore. Putting SwissCash in the same
basket with other scam programs is totally unacceptable.
(8) SC has a vision and mission. Just be patience for a couple of days or for the worse
projection until 15 Sep then website will resume.

SC have encountered similiar 2 incidents:
1) website was down for 4 days.
2) website was down for 5 days for expansion of server.

The major recitification and reconstruction of main Servers require detailed expertise role , now leads by the Technical Team Leader to test and the commissioning of Servers.

As per day, the server sustains million of volume transactions. The Technical Team concern is to ensure 100% server fit. SC shall inform investors once resume operation. Meanwhile, please DO NOT USE YOUR PIN TO ANY SIMILAR SITES.

Swisscash Support Team.

paireen on October 2, 2007 3:17 am

i have been doing a little bit of research on SC since early this year since my friend keeps on bugging me to join. what i found out was that it doesn’t have a real business plan.. and that might as well as labelled a SCAM!

as far as i know, those responsible for cheating other people hard earned money is an eternal punishment of repaying those people back..(i know this is unrealistic, but that is how i feel.!)

Swisscash Victim on October 4, 2007 9:18 pm

If you want your money back, Singapore’s ring leader goes by the name Garry Tan
Here is his full details.
I am posting this up because i am a victim like yourself and he helped recover some of my money back
TAN YONG KIAT
Home Address: 299C COMPASSVALE STREET #07-112 SINGAPORE
(543299)
Office Address :
NCF CONTRACTS PTE LTD
150 SOUTH BRIDGE ROAD #04-01FOOK HAI BUILDING SINGAPORE (058727)

EM2ALL-ALPHA (SINGAPORE) PTE. LTD.
1 SHENTON WAY #22-01/05 SINGAPORE (068803)

Swisscash Victim 2 on October 7, 2007 1:21 pm

Tan Yong Kiat AKA BB Ng.
he is the head of this operation.
He has collected and run away with the money already

His right hand man
Sherman

The address is correct, because these are information that is collected from the database in Singapore Gov’t websites,

If you want your money back… get them, you get a chance

saint on October 16, 2007 11:27 am

Guru,

It shows you are the most stupid mankind on earth!!

Swisscash Victim 3 on October 19, 2007 10:46 pm

Since Swisscash Victim & Swisscash Victim 2 knew who are the Swisscash scam mastermind, ringleader, “head of operation”, etc in Singapore, why not make a police report and let the police to investigate?
Eventually, we will know what have happened.

la yong on October 24, 2007 6:52 am

i’m the one of investor for swisscash
i receive real cash $$$ from SC into my personal bank account before but since malaysia stop this invesment system and their website.. i can’t surf and can’t transfer my balance to my account..

john stephen on November 12, 2007 11:02 am

Well, I am very sorry for those who lost their money in this program.

As for me, I am probably involved in one of the best – if not THE best investment program – in the world right now.

I am in something that has been profiting me IMMENSELY…….BUT NOT ONLY ME..BUT ALL WHOM I HAVE SHARED THIS PROGRAM WITH….

Please feel free to send me an email, and I will gladly send you my link.

My email address is as follows: johnniestephen2005@yahoo.com

Get the money back that you lost by investing as little as $15 in this program ! Its that good !

Let me help you.

John Steve

People VS Swisscash on November 25, 2007 8:38 pm

Whatever country you are from, if you dont think Swisscash is returning, and believe it to be a scam, and want to join others all across the world in taking action, please visit this investors
site for help:

peoplevsswisscash.blogspot.com

Milary on December 25, 2007 10:25 pm

Swisscash still on but GOVERMENT WHO DONT WANT PPL GET RICH =_=

apple on March 3, 2008 4:45 pm

until today i don;t understand that swisscash is scam or something happen between goverment and the swisscash company.why some people said can get back money,but at malaysia cannot at all.the news report at malaysia about swisscash like missing in action fror few month untill now.they not do final result to tell all people about the swisscash is good or bad!!so what should we do now??