RM35 million Swisscash monies held overseas ordered to be transferred back to Malaysia

The Securities Commission (SC) achieved a breakthrough in its civil enforcement case against Swisscash internet investment scheme when it secured a Court Order to direct one of the defendants, Amir Hassan, to transfer back to Malaysia all Swisscash monies held in bank accounts overseas within seven days.

Approximately RM35 million is currently held in six bank accounts in Hong Kong and eight bank accounts in Singapore. As Swisscash is a worldwide scam that operates in the borderless Internet realm, the SC is working closely with regulators from seven other countries to combat these illegal activities. This cross-jurisdictional collaboration has led to the discovery of valuable information that has facilitated investigations.

Once transferred back to Malaysia, the monies will be subject to the worldwide Mareva freezing orders pending the outcome of civil proceedings filed by the SC earlier this year against Amir Hassan, Albert Lee Kee Sien, Kelvin Choo Mun Hoe, Dynamic Revolution Sdn Bhd, Swiss Mutual Fund (1948) S.A., SMF International Limited and SMF (1948) International Limited.

This achievement in SC's civil proceedings ensures that Swisscash monies are held safely, and within the jurisdiction of the Malaysian courts so they can be subject to any order made in the proceedings.

Investors are again reminded that neither Swiss Mutual Fund nor Swisscash are licensed by the SC. To date, the SC has blocked four websites related to Swisscash namely www.swisscash.net, www.swisscash.biz, www.swissmutualfund.biz and www.swisscashguide.com.

SC will continue to take all measures to combat investment scams including blocking access to more websites, and taking appropriate enforcement action against its operators and agents.

Related Posts by Categories

Widget by Hoctro | Jack Book