SC blocks new Swisscash website- Remind investors of the need for continued vigilance
Thursday, September 13, 2007
As part of its on-going efforts to combat illegal investment schemes, the Securities Commission (SC), together with the Malaysian Communications and Multimedia Commission and CyberSecurity Malaysia (formerly known as NISER), has blocked access to a new Swisscash website which offered an illegal investment scheme promoted by Swiss Mutual Fund.
The new website, www.swisscashguide.com, has recently surfaced on the Internet amidst the SC's proactive and on-going efforts to block such illegal investment websites.
This latest move brings to four the number of websites related to Swisscash that have been blocked. Earlier in June, the SC had blocked three such websites namely www.swisscash.net, www.swisscash.biz and www.swissmutualfund.biz.
Investors are again reminded that neither Swiss Mutual Fund nor Swisscash are licensed by the SC. In fact the activities of Swiss Mutual Fund/Swisscash have also been declared illegal in several other countries such as Jamaica and China.
Members of the public are also urged not to be taken in by assurances of the scam's operators and agents that the promised returns will be paid through SMS or mail, or once the websites are unblocked.
The 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.
Meanwhile, in the civil suit filed by the SC against the persons behind Swisscash, the court is scheduled to hear on 24 September 2007 the inter parte Mareva injunction together with an application filed by the SC for orders directing one of the defendants, Amir Hassan to transfer his overseas monies back to Malaysia.
The SC had on 21 June 2007 obtained a worldwide Mareva injunction against persons involved in the Swisscash investment scam, preventing them from disposing their assets in and outside of Malaysia. The Mareva requires the defendants to disclose information pertaining to all their assets in and outside of Malaysia, the companies they have incorporated, and the bank accounts they operate.
The other defendants in the civil suit are 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.
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