Swiss Cash — A Scam ???!!!

A Little Article on Investment Scam!!

Many are searching for safe online investment, yet many have plunk in their hard earn pennies on the net just for another clumsy investment scheme or scams!

Read on as you’ll see some excerpt from the latest news on a high yield return for investment scheme labelled “Swiss Cash / Swiss Mutual Fund” — will this be another Scam?!!!

Pyramid-like investment scam hits S’pore — by Chow Penn Nee

(pennnee@mediacorp.com.sg)
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An investment scam that has been making the rounds in Malaysia has hit Singapore, too. Known as SwissCash or Swiss Mutual Fund, it promises huge returns for a minimum investment of US$1,000 ($1,500).

Marketed through the Internet, the SwissCash website claims that investors can achieve a total of 300 per cent returns in 15 months, or average returns of 25 to 45 per cent per month, through investments in commodities, for exchange and equities.

The firm, Swiss Mutual Fund, is an offshore investment company headquartered in the Commonwealth of Dominica, according to its website www.swissmutualfund.biz.

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.

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.

The Swiss Embassy here is also aware of the scam in Singapore, and has posted notices on its website advising against Swiss Cash as an investment. On its website, the embassy said that the company uses the word “Swiss” illegally. “The Swiss Mutual Fund (1948) and or Swiss Cash are not registered companies in Switzerland.”

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.

Mr Rolf Frei, Deputy Head of Mission at the Swiss Embassy, told Today that it had received three to four enquiries on the investment scheme since half a year ago.