SWISS HAND WATCH FOR CASH

Swisscashguide.biz

2010-08-19T23:01:00.000-07:00

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asian market law sc

2010-08-12T06:25:00.001-07:00

SC settlement

2010-08-12T06:23:00.000-07:00

sc activity in caribian country proof in news paper

2010-08-12T06:12:00.000-07:00

RoundUp swisscash detail publish in garibian news paper

Swisscash 2010 Germen

2010-02-12T03:59:00.001-08:00

Swiss tax dodge probe could net twice the amount of cash expected

Großansicht des Bildes mit der Bildunterschrift: The German taxman might find more money than thoughtA probe into tax dodging might show that the problem of evasion goes further than expected. Twice as much money as had been thought could be hidden in Swiss accounts, as bank documents come to light.

A controversial investigation into German tax-evaders with Swiss bank accounts could yield more money for the taxman than had been thought, according to German daily newspaper Suddeutsche Zeitung.

Some 200 million euros in recouped taxes could be raised, Sueddeutsche Zeitung journalist Hans Leyendecker told public television channel ARD on Wednesday evening. The probe comes after the German government bought a CD containing details of about 1,500 alleged tax dodgers. The figure is twice the amount previously estimated.

Internal documents from the bank Credit Suisse reveal that the extent of tax evasion might go further than had been thought, according to the newpaper report. The majority of its German customers might have hidden their money, the bank document is reported to have said, with many eager to have as little contact with bank as possible, to avoid detection.

Give it up

German Finance Minister Wolfgang Schaeuble has asked tax dodgers to turn themselves in following Berlin's decision to pay a whistle-blower for a list of alleged suspects who have stashed money in Switzerland.

"I can only advise anyone who thinks he may have evaded taxes in the past to use the provisions in our tax code to declare it voluntarily," Finance Minister Wolfgang Schaeuble told the Augsburger Allgemeine daily in an interview.

The German government agreed to pay a reported 2.5 million euros ($3.5 million) to an informer for the list of those alleged to be hiding money in secret accounts.

A handful of other European countries have lined up behind Germany, with the Netherlands, Belgium and Austria having all reportedly expressed interest in obtaining a copy of the latest CD.

"Should there be evidence that the CD [with the stolen bank data] contains information on Austrian taxpayers, we would naturally have great interest in analyzing those," a spokesman for Austrian Finance Minister Josef Proell was quoted as saying to Der Standard newspaper.

Bildunterschrift: Großansicht des Bildes mit der Bildunterschrift: Wolfgang Schaeuble appealed to suspected tax evaders
A Dutch finance ministry spokesman said the Netherlands, where Deputy Finance Minister Jan Kees de Jager is pushing through a crackdown on tax-dodgers, told Berlin he would be interested in having any data on Dutch taxpayers, news agency Reuters reported.

Liechtenstein precedent

The affair has soured relations between Germany and its Alpine neighbor, which sees the purchasing of the disc as another attack on its cherished banking secrecy.

"Here we have a new form of bank robbery," Swiss lawmaker Pirmin Bischof told Germany's Deutschlandfunk radio. "Before, you had to go to the bank and get hold of the money with a weapon. Today you can do it electronically by stealing data.”

But Schaeuble has said that the government would be legally justified in buying the stolen data. Chancellor Angela Merkel said on Monday she was in favor of acquiring the CD.

"In principle, the decision was made two years ago," Schaeuble told the Augsburger Allgemeine newspaper, referring to a similar case in 2007, when the government handed over as much as five million euros for stolen tax data from Liechtenstein.

Party divided

Controversy over the CD has led to a row developing within Merkel’s Christian Democratic Party (CDU). The party's economic affairs council has spoken out against the move.

Bildunterschrift: Großansicht des Bildes mit der Bildunterschrift: Merkel wants to be tough on tax evaders
"The state is obliged to use all legal means to arrest the man who has stolen the data," council chairman Kurt Lauk told Tuesday's edition of the Koelner Stadt-Anzeiger newspaper.

The deputy leader of the CDU's parliamentary faction, Guenter Krings, urged his superiors to proceed with caution. "It would be good if we got the data and could get at those tax evaders," he told the Koelner Stadt-Anzeiger.

But Krings insisted that to cooperate with criminals should remain an absolute exception. "If we start setting this example, there is a huge risk that criminals double their money."

Siegfried Kauder, chairman of the German parliament's judiciary committee, and also a member of the CDU, advised against a deal. "We're sending data thieves a message: if you steal, we'll buy it off you," he said.

rc/dfm/bk/rb/dpa/apn/AFP
Editor: Rob Turner

Swisscash Investment Scam Settlement - SC (Security Commission of Malasiya)

2010-01-28T01:54:00.001-08:00

Investor Affairs

Swisscash Investment Scam Settlement: FAQS

Q1:
What is the current status of the civil suit taken by SC against those involved in the Swisscash activities?

A:
The SC has entered into consent judgment with Albert Lee and Amir Hassan on 6 November 2009 in which they have agreed to pay the SC in total a sum in excess of RM30 million which will be used to compensate investors.

Q2:
How soon will investors be able to get their monies back?

A:
While the SC would like payments to be made as soon as possible, there are several steps that need to be taken including submitting the criteria for eligibility to court, appointing an Administrator, posting the advertisements in the newspapers etc. Realistically therefore, we expect the first batch of payments to be made early next year.

Q3:
What happens now? What steps will be taken now by SC?

Step 1:
The SC will appoint an Administrator and will work with the Administrator to provide the court with a framework for the eligibility of claimants and the plan for distribution.

Step 2:
Get the court order approving the framework

Step 3:
The Administrator will manage the processing of claims which includes advertising for claims and deciding on the eligibility of investors.

Step 4:
Eligible investors will be notified and payment will be made.

Q4:
How will you decide on the eligibility of investors?

A:
Eligible persons would be those who have sufficient proof of their principal investment and who have not been involved in the scam as recruiters. Where profits have been made from their initial investments, such profits will be deducted from the claim sum. Claimants would have to show documentary proof of their investments in the scheme. Additionally, there will be other criteria such as whether they invested in the scam despite the warnings by the authorities.

Q5:
How much will I be eligible to receive?

A:
That will depend on whether you have met all the criteria of eligibility or not particularly acceptable documentary proof for your claim.

Q6:
What proof will I need to submit to the SC?

A:
Please submit proof of your investment with the Swisscash investment scheme, photocopy of your identification card or passport and proof of payments to the Swisscash by way of Telegraphic transfer, bank transfer, internet banking. We will only be able to compensate investors who can prove that they had invested with Swisscash and had lost their initial investment. Claims can be processed and approved speedily if proof is provided to aid the auditors assessing your claim.

Q7:
I only have photocopies of payment I have made to the Swisscash scheme. Can I still submit a claim?

A:
Yes you may still submit your claim but that may not assure you of being successful in your claim.

Q8:
What if I do not have proof of payments as I had handed over cash to an upliner?

A:
You may not get your investments back as the payment has to be administered based on the strict criteria.

Q9:
Why did the SC only obtain RM30 million when the judgment obtained in 25 September 2008 was for the sum of USD83 million?

A:
The judgment of USD83 million was the amount mentioned in the suit we filed against Albert, Kelvin & Amir Hassan. The evidence which we had gathered during investigation indicated that there was possibly up to USD83 million in total investments made by Swisscash investors. So when we applied to court for judgment at the time, we quoted the maximum investments that were made.

If we had been successful in repatriating all the sums we had traced overseas, the figure would have been close to the settlement amount of RM31 million.

Q10:
Will I get all my money back?

A:
As the SC has a fixed amount of funds to compensate investors, approximately RM30 million, we will need to assess the total number of affected investors who submit claims coupled with the eligibility factors mentioned above. Additionally investors will be compensated based on the amount of their initial investment only. Profits will be deducted from the amount of investment.

Q11:
I have previously submitted a complaint to SC. Will I need to resubmit my complaint?

A:
If you have previously submitted a complaint to our Investor Affairs department, you will not need to do so again unless you have additional documentary evidence to support your claim.

Q12:
I invested after the SC's warning was issued on its website on 5 September 2006. Will I be able to get my money back?

A:
There is a possibility that you may not get your investments if you have invested past this date. However, the SC will propose a reasonable cut off period so as to ensure that investors who may not have been aware of the scam are compensated.

Q13:
I helped to recruit others to join and invest in the scheme. Will I be eligible to get my money back?

A:
One of the eligibility criteria in compensating investors is whether or not the investor was actively involved in recruiting others and therefore be considered as abetting the scheme. Any investor who was also involved in the scheme as a recruiter or an upliner would not be eligible to claim their money back.

Q14:
What happens to the monies in foreign jurisdictions that the SC was trying to repatriate?

A:
We will not continue with these efforts as the consent judgment is intended to allow the SC to use the monies provided by the defendants for purposes of restitution.

Q15.
I am a foreign investor. Will I be able to get my money back?

A:
Your claim will be processed together with the other claimants. However you must furnish sufficient proof of your claim. We will however need to determine whether a separate set of criteria is necessary for foreign investors and this criteria will be submitted to the court for its endorsement.

SwissCash Press Conference

2010-01-02T07:01:00.000-08:00

SwissCash Press Conference Conference Hall 1, Securities Commission
...
Thu, 31 December, 2009 7:18:08 AM
From:
Shirley Lee [Chat now]
...

SATURDAY, DECEMBER 26, 2009

Y Bhg Tan Sri Zarinah Anwar
Chairman, Securities Commission Malaysia

at
SwissCash Press Conference
Conference Hall 1, Securities Commission

Good morning ladies and gentlemen

Thank you for coming. We have invited you here so we can update you on
the progress we have made with regard to the Swisscash investment
scam.

I am pleased to announce that the SC has entered into the largest
settlement in our history involving a sum of approximately RM31
million. This is a milestone payout which is made possible following a
consent judgment entered with two Swisscash defendants. The money will
be used to restitute eligible investors who have suffered losses as a
result of the scam.

This is a very significant achievement not only because of the
magnitude of the payout but also the scale and scope of the scam. It
had affected thousands of investors and prompted painstaking cross-
border investigations and legal actions spanning 7 jurisdictions over
more than three years. So far, some 3,000 people have lodged
complaints to the SC alleging losses.

The restitution will be based on a court sanctioned distribution plan.
Once the court's approval has been obtained, the SC will appoint an
administrator to manage the processing of the claims.

To be eligible for compensation, Swisscash investors must produce some
documentary evidence of their investments. I would like to say at the
outset though, that not all investors who have invested in this scheme
will receive restitution. Investors who were also recruiters or
upliners in the scheme will not be considered for compensation. The SC
soon publish a notice setting out the process for Swisscash investors
who have yet to register their claims.

I would like to remind investors that they must be vigilant at all
times when making investment decisions in schemes such as Swisscash
which promises extraordinarily high returns within short periods of
time. These are ponzi schemes in which the returns paid to investors
comprise nothing more than the principal investments made by other
investors. These schemes are doomed to collapse, thus most investors
will not only not get any profits that they have been promised, but
they will also lose their principal investments.

I would like to stress that investors in illegal schemes cannot, as a
matter of course, expect the regulators to get their money back for
them. Swisscash is an exception. In this case, the recovery was only
made possible not just by extremely painstaking efforts on our part,
but also by the close cooperation and support that we have been
receiving from our counterparts in the various countries. But not all
cases will yield similar success as in this case.

Thus it is vital that investors exercise caution and vigilance and
ensure that they scrutinize and understand the details of any
investment offer that they wish to accept. If they are uncertain, they
must ask for advice. I would like to reiterate that investors must
check to ensure that they are dealing only with licensed fund managers
who offer approved investment schemes. This information is available
on the SC website.

Before I end, I would like to express my deepest gratitude to fellow
regulators in the other jusrisdictions for their assistance and
cooperation in making possible this successful outcome of a very
protracted investigation. I would also like to thank BNM, the
Malaysian Communications and Multimedia Commission and Cybersecurity
for their assistance. The assistance rendered by the MCMC and
Cybersecurity were insturmental in helping us identify and block
access to the SwissCash-related websites by the Malaysian public, very
early into our investigation. Otherwise more Malaysians could have
been victims of this scam.

Finally I would like to thank all our staff who have worked tirelessly
on this case over the last three years.

Posted by Valentino at 4:36 PM 0 comments
WEDNESDAY, DECEMBER 23, 2009
Investor Alert: Information Concerning Malaysian Restitution Fund for
SwissCash Investors
Investor Alert: Information Concerning Malaysian Restitution Fund for
SwissCash Investors

This Alert concerns a restitution fund established by the Securities
Commission Malaysian (“Malaysian SC”) in a settlement involving
various entities operating under the name “Swisscash”, including
“Swiss Mutual Fund (1948),” and through websites encompassing
variations on the names “Swisscash” and “SwissMutualFund.”

On November 13, 2009, the Malaysian SC announced a settlement with
Albert Lee Kee Sien and Amir Hassan, two of the principals of
Swisscash. According to the Malaysian SC, Swisscash is an internet-
based investment scam that operated worldwide under variations on the
name “Swisscash.” Swisscash claimed to have invested in a range of
investments such as equities, commodities and foreign exchange, and
promised investors returns of up to 300% within 15 months of
investment. Instead, according to the Malaysian SC, Swisscash did not
produce the promised returns, and the scheme defrauded investors
worldwide of as much as $83 million.

As part of the settlement, the Malaysian SC plans to make a
distribution to injured investors. The Malaysia SC has informed SEC
staff that it will establish a procedure for investors to make claims
against the approximately $9 million in its settlement with Albert Lee
Kee Sien and Amir Hassan. If you invested in Swisscash, and wish to
register a claim with the Malaysian SC, you may do so by contacting:

Investor Affairs & Complaints Department
Securities Commission Malaysia
No 3 Persiaran Bukit Kiara
Bukit Kiara
50490 Kuala Lumpur

Tel: 603 6204 8999
Fax: 603 6204 8991
E-mail: aduan@seccom.com.my

Additional instructions and information regarding registering a
complaint with the Malaysian SC can be found here:

http://www.sc.com.my/main.asp?pageid=245&menuid=243&newsid=&linkid=&type=

More information about the Malaysia SC’s settlement and the proposed
distribution to investors may be found here:

http://www.sc.com.my/main.asp?pageid=379&linkid=2314&yearno=2009&mod=paper

http://www.sc.com.my/main.asp?pageid=811&menuid=903&newsid=&linkid=&type=

Additional information regarding prior proceedings by the Malaysian SC
against the Swisscash principals can be found here:

http://www.sc.com.my/main.asp?pageid=700&menuid=844&newsid=&linkid=&type

http://www.sec.gov/investor/alerts/malaysiaswiss-alert.htm

The SEC's Mission
The mission of the U.S. Securities and Exchange Commission is to
protect investors, maintain fair, orderly, and efficient markets, and
facilitate capital formation.
As more and more first-time investors turn to the markets to help
secure their futures, pay for homes, and send children to college, our
investor protection mission is more compelling than ever. more
Contact the SEC
Ask us a question
Tell us about your complaint
Send us a tip (via email)
Key SEC telephone numbers
Investor Assistance and Complaints: 1-800-SEC-0330
Posted by Valentino at 12:02 AM 0 comments
MONDAY, DECEMBER 21, 2009
SC obtains RM31 million for investors in Swisscash settlement
2009 Press Releases

Kuala Lumpur, 13 November 2009

SC obtains RM31 million for investors in Swisscash settlement

The Securities Commission Malaysia (SC) has entered into the largest
settlement in its history involving a sum of approximately RM31
million. The milestone payout, made possible following a consent
judgment entered with two Swisscash investment scam defendants, will
be used to restitute eligible investors who have suffered losses as a
result of the scam.

The judgment, entered with Albert Lee Kee Sien and Amir Hassan, marked
the culmination of three years of intensive efforts by the SC in
pursuing the perpetrators of the Swisscash scam which involved cross-
border investigations spanning seven countries and cooperation from
foreign regulators. So far, some 3,000 people have lodged complaints
to the SC alleging losses in the scheme.

The restitution will be carried out based on a court approved
distribution plan. Once the court's approval has been obtained, an
administrator appointed by the SC will manage the processing of
claims.

In order to be eligible for the restitution, investors must produce
documentary proof of their principal investments. Other criteria
include whether they continued to invest in the scheme despite the
SC's warnings. Investors who were also recruiters or upliners in the
scheme would not be eligible. The SC will soon publish a notice
setting out the process for Swisscash investors who have yet to
register their claims.

SECURITIES COMMISSION

2009 Siaran Akhbar

Kuala Lumpur, 13 November 2009

Suruhanjaya Sekuriti Malaysia (SC) memperoleh penyelesaian terbesar
dalam sejarah membabitkan jumlah sebanyak RM31 juta. Pembayaran ini
yang diperoleh melalui penghakiman yang dipersetujui bersama dengan
dua orang defendan dalam kes penipuan pelaburan Swisscash, akan
digunakan untuk membayar pelabur yang layak yang mengalami kerugian
dalam skim penipuan tersebut.

Penghakiman itu, yang dibuat bersama Albert Lee Kee Sien dan Amir
Hassan, merupakan hasil kerja keras SC selama tiga tahun dalam memburu
pesalah skim penipuan Swisscash yang melibatkan siasatan rentas
sempadan merangkumi tujuh negara dan kerjasama pengawal selia asing.
Setakat ini, kira-kira 3,000 orang telah mengemukakan aduan kepada SC,
mendakwa mereka mengalami kerugian dalam skim tersebut.

Pembayaran itu akan dilakukan berdasarkan pelan pengagihan yang
diluluskan oleh mahkamah. Sebaik sahaja kelulusan mahkamah diperoleh,
satu pentadbir yang dilantik oleh SC akan menguruskan proses tuntutan
itu.

Untuk layak mendapat pembayaran itu, pelabur mesti mengemukakan bukti
bertulis mengenai pelaburan pokok mereka. Kriteria lain termasuklah
sama ada mereka terus melabur dalam skim tersebut walaupun SC telah
mengeluarkan amaran. Pelabur yang juga menjadi pengambil ahli baru
atau menjadi 'upline' dalam skim tersebut adalah tidak layak. SC akan
mengeluarkan satu notis tidak lama lagi untuk menjelaskan mengenai
proses bagi pelabur Swisscash yang masih belum mendaftarkan tuntutan
mereka.

SURUHANJAYA SEKURITI

HAL EHWAL PELABUR

Pembayaran Balik Skim Pelaburan Swisscash: Soalan Lazim

S1:
Apakah status terkini saman sivil yang diambil oleh SC terhadap mereka
yang terbabit dalam aktiviti Swisscash?
J:
SC memperoleh penghakiman atas persetujuan bersama dengan Albert Lee
dan Amir Hassan pada 6 November 2009 yang mana mereka bersetuju
membayar kepada SC sejumlah RM30 juta yang akan digunakan untuk
membayar ganti rugi kepada pelabur berkenaan.

S2:
Bilakah pelabur boleh mendapat kembali wang mereka?
J:
Walaupun SC mahu supaya bayaran dibuat secepat mungkin, terdapat
beberapa langkah yang perlu diambil termasuk menyerahkan kriteria
kelayakan kepada mahkamah, melantik Pentadbir, memasukkan iklan di
surat khabar dan sebagainya. Oleh itu, kami mengharapkan bayaran bagi
kumpulan pertama dapat dibuat pada awal tahun depan.

S3:
Apakah yang akan berlaku sekarang? Apakah langkah yang akan diambil
oleh SC?

Langkah 1:
SC akan melantik seorang Pentadbir dan akan bekerjasama dengan
Pentadbir tersebut dalam menyediakan kerangka kerja bagi kelayakan
pembuat tuntutan dan pelan pengagihan kepada mahkamah.
Langkah 2:
Mendapatkan perintah mahkamah bagi meluluskan kerangka kerja tersebut.
Langkah 3:
Pentadbir akan menguruskan pemprosesan tuntutan, termasuk mengiklankan
tuntutan dan membuat keputusan mengenai kelayakan pelabur.
Langkah 4:
Pelabur yang layak akan diberitahu dan pembayaran akan dibuat.

S4:
Bagaimanakah anda memutuskan mengenai kelayakan pelabur?
J:
Mereka yang layak adalah mereka yang mempunyai bukti mencukupi
mengenai pelaburan pokok mereka dan tidak terlibat dalam skim itu
sebagai pengambil ahli baru. Sekiranya keuntungan telah diperoleh
daripada pelaburan pokok mereka, keuntungan itu akan ditolak daripada
jumlah yang dituntut. Pembuat tuntutan perlu menunjukkan bukti
bertulis mengenai pelaburan mereka dalam skim tersebut. Selain itu,
ada kriteria lain yang akan diambil kira, umpamanya sama ada mereka
melabur dalam skim tersebut walaupun telah diberi amaran oleh pihak
berkuasa.

S5:
Berapa banyak yang saya layak terima?
J:
Itu bergantung pada sama ada anda telah memenuhi semua kriteria
kelayakan atau pun tidak khususnya bukti bertulis tuntutan anda.

S6:
Apakah bukti yang perlu saya serahkan kepada SC?
J:
Sila kemukakan bukti pelaburan anda dengan skim pelaburan Swisscash,
salinan kad pengenalan atau pasport dan bukti pembayaran kepada
Swisscash melalui pemindahan telegrafik, pemindahan bank atau
perbankan Internet. Kami hanya boleh membuat bayaran ganti rugi kepada
pelabur yang boleh membuktikan yang mereka telah melabur dengan
Swisscash dan kerugian pelaburan pokok mereka. Tuntutan boleh diproses
dan diluluskan dengan segera jika bukti disertakan bagi membantu
juruaudit menaksir tuntutan anda.

S7:
Saya hanya mempunyai salinan fotostat bayaran yang telah saya buat
kepada skim Swisscash. Bolehkah saya mengemukakan tuntutan?
J:
Ya, anda masih boleh mengemukakan tuntutan tetapi itu tidak menjamin
anda berjaya dalam tuntutan anda.

S8:
Bagaimana sekiranya saya tidak mempunyai bukti pembayaran kerana saya
telah menyerahkan wang tunai kepada 'upliner'?
J:
Anda mungkin tidak akan mendapat kembali pelaburan anda kerana
pembayaran perlu ditadbir berdasarkan syarat yang ketat.

S9:
Mengapakah SC hanya memperoleh RM30 juta sedangkan penghakiman yang
diperoleh pada 25 September 2008 ialah AS$83 juta?
J:
Penghakiman AS$83 juta adalah jumlah yang disebut dalam saman yang
kami failkan terhadap Albert, Kelvin & Amir Hassan. Bukti yang kami
kumpulkan semasa siasatan menunjukkan bahawa terdapat kemungkinan
jumlah keseluruhan pelaburan yang dibuat oleh pelabur Swisscash adalah
AS$83 juta. Jadi, pada masa membuat permohonan kehakiman di mahkamah,
kami menyebut jumlah pelaburan maksimum yang dibuat.
Jika kami berjaya mendapatkan semula semua jumlah yang dapat dijejaki
di seberang laut, jumlahnya mungkin hampir kepada RM31 juta.

S10:
Bolehkah saya mendapat semua wang saya kembali?
J:
Memandangkan SC mempunyai tabung tetap untuk membayar ganti rugi
kepada pelabur, iaitu RM30 juta, kami perlu menaksir jumlah
keseluruhan pelabur terbabit yang mengemukakan tuntutan dan juga
faktor kelayakan yang disebut di atas. Juga, pelabur akan dibayar
ganti rugi berdasarkan jumlah pelaburan pokok yang mereka buat sahaja.
Keuntungan akan ditolak daripada amaun pelaburan.

S11:
Sebelum ini saya telah mengemukakan aduan kepada SC. Perlukah saya
mengemukakan semula aduan saya?
J:
Sekiranya anda pernah mengemukakan rayuan sebelum ini kepada Jabatan
Hal Ehwal Pelabur kami, anda tidak perlu mengemukakannya semula
kecuali anda mempunyai bukti tambahan bertulis bagi menyokong tuntutan
anda.

S12:
Saya melabur selepas SC mengeluarkan amaran di lama webnya pada 5
September 2006. Bolehkah saya mendapat wang saya semula?
J:
Ada kemungkinan anda tidak akan mendapat pelaburan anda semula jika
anda melabur selepas tarikh etrsebut. Bagaimanapun, SC akan
mencadangkan tempoh kelonggaran yang bersesuaian bagi memastikan
bahawa pelabur yang mungkin tidak tahu mengenai skim penipuan ini akan
dibayar ganti rugi.

S13:
Saya membantu menarik pelabur lain menyertai dan melabur dalam skim
tersebut. Adakah saya layak mendapat semula wang saya?
J:
Antara syarat layak untuk mendapat ganti rugi adalah sama ada pelabur
itu terlibat secara aktif dalam menarik orang lain ke dalam pelaburan
tersebut dan dengan itu dianggap bersubahat dalam skim penipuan ini.
Mana-mana pelabur yang terlibat dalam skim tersebut sama ada dengan
menarik ahli baru atau menjadi 'upliner', tidak layak menuntut wang
mereka.

S14:
Apakah yang berlaku kepada wang yang berada dalam bidang kuasa asing
yang cuba diperoleh semula oleh SC?
J:
Kami tidak akan meneruskan usaha ini memandangkankan penghakiman
dengan persetujuan bersama tersebut bertujuan membolehkan SC
menggunakan wang yang diserahkan oleh defendan bagi tujuan pembayaran
kepada pelabur.

S15.
Saya adalah pelabur asing. Adakah saya boleh mendapat wang saya
kembali?
J:
Tuntutan anda akan diproses bersama tuntutan pelabur lain. Anda perlu
memberikan bukti yang mencukup bagi menyokong tuntutan itu.
Bagaimanapun, kami juga perlu memutuskan sama ada syarat-syarat
berasingan diperlukan untuk pelabur asing dan syarat-syarat ini akan
diserahkan kepada mahkamah untuk disahkan.

Senarai laman web/produk pelaburan/syarikat yang tidak diiktiraf SC
Siaran Akhbar/Notis Berkaitan Amaran Pelabur
Amaran Pelabur Daripada Bidang Kuasa Lain
Senarai Pengantara Berlesen
Tapak Web Pelabur Malaysia

Posted by Valentino at 5:19 PM 0 comments
Malaysia: eligible Swisscash scam victims to be compensated

Malaysia: eligible Swisscash scam victims to be compensated

KUALA LUMPUR, Nov. 13 (Xinhua) -- Eligible investors, including
foreigners, suffering losses from investing in the Swisscash
investment scam will be restituted as soon as early next year, a
Malaysian official said here on Friday.

Chairman of Securities Commission (SC) Malaysia Zarinah Anwar made
this remark at the media briefing on the current status of the civil
suit taken by the SC against those involved in the Swisscash
activities.

Zarinah said that the payout of 31 million ringgit (8.86 million U.S.
dollars), the largest settlement in the SC's history, was made
possible following a consent judgment entered with two Swisscash
investment scam defendants.

Zarinah said that investigations found that the masterminds behind the
Swisscash investment scam were two Malaysians who had used an
international platform to run the activities.

The SC first received inquiries from the public, both local
andforeign, in 2006, regarding the Swisscash investment scheme.

When investigations showed that the Swisscash investment was an
unsustainable ponzi scheme promising extraordinary high returns within
a short period of time, immediate actions such as blocking the
Swisscash website in June 2007 and issuing warnings to the public were
taken.

Zarinah said the huge payout amount indicated a very significant
achievement not only because of the magnitude of the payout itself but
also the scale and scope of the scam.

"It had affected thousands of investors and prompted painstaking cross-
border investigations and legal actions spanning seven jurisdictions
over more than three years. Some 3,000 people have lodged complaints
to the SC alleging losses," said Zarinah.

Zarinah said Swisscash investors must produce documentary evidence of
their investments in order to be eligible for compensation.

However, she stressed that investors who were also recruiters or up
liners would not be considered for compensation.

The SC will appoint an administrator and will work with him to provide
the court with a framework for the eligibility of claimants and the
plan for distribution.

Once the framework is approved by the court, the administrator will
manage the processing of claims which includes advertising for claims
and deciding on the eligibility of investors.

Editor: Lin Zhi
Posted by Valentino at 5:01 PM 0 comments
SC: Swisscash victims to get back part of their money

Saturday November 14, 2009

SC: Swisscash victims to get back part of their money

KUALA LUMPUR: Investors in the Swisscash Internet-based investment
scam will now be able to get back part of their money following a
consent judgment the Securities Commission (SC) entered into with two
of the defendants in the case for a sum of RM31mil.

The SC said in a press release that the Swisscash scam involved an
estimated total amount of US$83mil, which was what the Kuala Lumpur
High Court ordered Albert Lee Kee Sien, Kelvin Choo Mun Hoe and
Dynamic Revolution Sdn Bhd to pay in a judgment on Sept 25 last year.

According to SC chairman Tan Sri Zarinah Anwar, the SC entered into a
consent judgement with Lee and Amir Hassan for the settlement sum.

She said the settlement was the largest ever in the history of the
prosecution of such scams, which affected thousands of investors
globally and prompted cross-border investigations involving seven
other jurisdictions.

The previous largest settlement amount under the SC’s jurisdiction was
RM2mil for insider trading in Padiberas Nasional Bhd, which was also
distributed to affected investors.

“This is a milestone payout which is made possible following a consent
judgment entered into with two of the Swisscash defendants,” Zarinah
said, adding that the restitution would be based on a court-sanctioned
distribution plan.

She told a media briefing yesterday that investors in illegal schemes
could not expect regulators to get their money back for them as a
matter of course. “Swisscash is an exception, in this case the
recovery was only made possible not just by extremely painstaking
efforts on our part but also by the close cooperation and support that
we’ve been receiving from our counterparts in the various countries,”
Zarinah said.

She said investors would have to show sufficient documentary proof of
their principal investment and must not have been involved as
recruiters in the scam. Investors who profited from their initial
investment and still made claims would have their profits deducted
from the claim sum while other criteria for consideration included
whether investors heed the warnings by authorities before investing.

Zarinah said the first batch of restitution payments would be made
early next year following approval from the court. She said 80% of the
investors were male professionals and the profile was “not so typical
of this kind of scam”.

She said to-date, there were 3,000 complaints filed against the scam.
Posted by Valentino at 4:37 PM 0 comments
Swisscash Investment Scam Settlement: FAQS

Swisscash Investment Scam Settlement: FAQS

Q1:

What is the current status of the civil suit taken by SC against those
involved in the Swisscash activities?

A:

The SC has entered into consent judgment with Albert Lee and Amir
Hassan on 6 November 2009 in which they have agreed to pay the SC in
total a sum in excess of RM30 million which will be used to compensate
investors.

Q2:

How soon will investors be able to get their monies back?

A:

While the SC would like payments to be made as soon as possible, there
are several steps that need to be taken including submitting the
criteria for eligibility to court, appointing an Administrator,
posting the advertisements in the newspapers etc. Realistically
therefore, we expect the first batch of payments to be made early next
year.

Q3:

What happens now? What steps will be taken now by SC?

Step 1:

The SC will appoint an Administrator and will work with the
Administrator to provide the court with a framework for the
eligibility of claimants and the plan for distribution.

Step 2:

Get the court order approving the framework

Step 3:

The Administrator will manage the processing of claims which includes
advertising for claims and deciding on the eligibility of investors.

Step 4:

Eligible investors will be notified and payment will be made.

Q4:

How will you decide on the eligibility of investors?

A:

Eligible persons would be those who have sufficient proof of their
principal investment and who have not been involved in the scam as
recruiters. Where profits have been made from their initial
investments, such profits will be deducted from the claim sum.
Claimants would have to show documentary proof of their investments in
the scheme. Additionally, there will be other criteria such as whether
they invested in the scam despite the warnings by the authorities.

Q5:

How much will I be eligible to receive?

A:

That will depend on whether you have met all the criteria of
eligibility or not particularly acceptable documentary proof for your
claim.

Q6:

What proof will I need to submit to the SC?

A:

Please submit proof of your investment with the Swisscash investment
scheme, photocopy of your identification card or passport and proof of
payments to the Swisscash by way of Telegraphic transfer, bank
transfer, internet banking. We will only be able to compensate
investors who can prove that they had invested with Swisscash and had
lost their initial investment. Claims can be processed and approved
speedily if proof is provided to aid the auditors assessing your
claim.

Q7:

I only have photocopies of payment I have made to the Swisscash
scheme. Can I still submit a claim?

A:

Yes you may still submit your claim but that may not assure you of
being successful in your claim.

Q8:

What if I do not have proof of payments as I had handed over cash to
an upliner?

A:

You may not get your investments back as the payment has to be
administered based on the strict criteria.

Q9:

Why did the SC only obtain RM30 million when the judgment obtained in
25 September 2008 was for the sum of USD83 million?

A:

The judgment of USD83 million was the amount mentioned in the suit we
filed against Albert, Kelvin & Amir Hassan. The evidence which we had
gathered during investigation indicated that there was possibly up to
USD83 million in total investments made by Swisscash investors. So
when we applied to court for judgment at the time, we quoted the
maximum investments that were made.

If we had been successful in repatriating all the sums we had traced
overseas, the figure would have been close to the settlement amount of
RM31 million.

Q10:

Will I get all my money back?

A:

As the SC has a fixed amount of funds to compensate investors,
approximately RM30 million, we will need to assess the total number of
affected investors who submit claims coupled with the eligibility
factors mentioned above. Additionally investors will be compensated
based on the amount of their initial investment only. Profits will be
deducted from the amount of investment.

Q11:

I have previously submitted a complaint to SC. Will I need to resubmit
my complaint?

A:

If you have previously submitted a complaint to our Investor Affairs
department, you will not need to do so again unless you have
additional documentary evidence to support your claim.

Q12:

I invested after the SC's warning was issued on its website on 5
September 2006. Will I be able to get my money back?

A:

There is a possibility that you may not get your investments if you
have invested past this date. However, the SC will propose a
reasonable cut off period so as to ensure that investors who may not
have been aware of the scam are compensated.

Q13:

I helped to recruit others to join and invest in the scheme. Will I be
eligible to get my money back?

A:

One of the eligibility criteria in compensating investors is whether
or not the investor was actively involved in recruiting others and
therefore be considered as abetting the scheme. Any investor who was
also involved in the scheme as a recruiter or an upliner would not be
eligible to claim their money back.

Q14:

What happens to the monies in foreign jurisdictions that the SC was
trying to repatriate?

A:

We will not continue with these efforts as the consent judgment is
intended to allow the SC to use the monies provided by the defendants
for purposes of restitution.

Q15.

I am a foreign investor. Will I be able to get my money back?

A:

Your claim will be processed together with the other claimants.
However you must furnish sufficient proof of your claim. We will
however need to determine whether a separate set of criteria is
necessary for foreign investors and this criteria will be submitted to
the court for its endorsement.
Posted by Valentino at 4:33 PM 0 comments
SC enters RM31m settlement in Swisscash scam

SC enters RM31m settlement in Swisscash scam

KUALA LUMPUR, Nov 14 — The Securities Commission (SC) has entered into
a RM31 million settlement in the Swisscash investment scam, the record
payout for the restitution of eligible investors who suffered losses
in the Ponzi scheme.

The largest payout in the SC’s history was made possible following a
consent judgment entered into with two Swisscash defendants, Albert
Lee Kee Sien and Amir Hassan, its chairman Tan Sri Zarinah Anwar said
at a press conference yesterday.

Zarinah described the “milestone payment” as a very significant
achievement not only because of the magnitude of the payout but also
the scale and scope of the scam which had affected thousands of
investors — the bulk from Malaysia — had prompted painstaking cross-
border investigations and legal actions spanning seven jurisdictions,
including Singapore, over the past three years.

The recovery notwithstanding, Zarinah stressed that Swisscash was an
exception and that investors in illegal schemes could not “as a matter
of course, expect the regulators to get their money back for them”.

Indeed, investors who are successful in getting a restitution are
fortunate given the elaborate scam by the Malaysian masterminds who
went to great lengths to establish set-ups in a number of
jurisdictions in an attempt to appear legitimate. “The site had every
feature of an investment net.com,” observed SC senior general manager,
general counsel Foo Lee Mei who estimated that “a hundred-odd
investors” were from Singapore.

The commission initiated civil proceedings in the High Court against
Lee, Kelvin Choo Mun Hoe and Dynamic Revolution Sdn Bhd and last
September, the court ordered them to pay US$83 million (RM280.62
million) — the estimate of total investments in the scam. The SC then
obtained a worldwide Mareeva injunction restraining the defendants
from disposing of their assets.

More than 3,000 people have lodged complaints alleging losses with the
SC which continues to receive claims and which estimated the total
amount invested in excess of RM31 million.

Swisscash had promised extremely attractive returns of 300 per cent
over 15 months. Out of every five investors, four were professional
males, observed Zarinah, the rest “housewives, teachers, your typical
uncles and aunties”. The largest sum invested was several million
ringgit.

Swisscash investors must produce some documentary evidence of their
investments to be eligible for compensation, at the earliest next year
after a court-approved distribution plan. However, those who were also
recruiters or upliners would not be considered for compensation. The
SC plans to publish a notice setting out the process for investors yet
to register their claims.

The SC began receiving enquiries about Swisscash in 2006 and Zarinah
said that if not for the assistance of the Malaysian Communications
and Multimedia Commission and Cybersecurity in blocking the Swisscash
site in June 2007, there might have been more victims.

Prior to Swisscash, the commission’s biggest settlement was RM2
million and related to a case of insider trading in rice distributor
Bernas. — Business Times Singapore
Posted by Valentino at 4:26 PM 0 comments
MONDAY, JULY 27, 2009
SWISSCASH INTERNET INVESTMENT SCAM: FREQUENTLY ASKED QUESTIONS
INVESTOR ALERTS

SWISSCASH INTERNET INVESTMENT SCAM: FREQUENTLY ASKED QUESTIONS

1)

What is the Swisscash scheme about?
Swisscash is an internet based investment scam which claimed to have
invested in a range of investments such as equities, commodities and
foreign exchange. Swisscash and Swiss Mutual Fund had been soliciting
investments from investors around the world, including the Malaysian
public, through the internet, offering returns of up to 300% within 15
months of investment. However, based on our enquiries and
investigations, this scheme is an illegal operation which has been
unable to provide these returns to investors. The reason why the
scheme is illegal is that the operators of this scheme have engaged in
fund management and investment advice without any licence from the SC.
2)
What actions have Securities Commission Malaysia (SC) and other
authorities taken to stop the Swisscash programme from operating?
The SC had blocked 4 websites related to Swisscash namely www.swisscash.net,
www.swisscash.biz, www.swissmutualfund.biz, and www.swisscashguide.com.
The SC had on 21 June 2007 obtained a worldwide Mareva injunction
against the operators of the Swisscash internet investment scheme,
preventing them from disposing their assets in and outside of
Malaysia.
The Mareva order restrains and prohibits the defendants from:
carrying on the business of Swisscash,
targeting, soliciting and collecting funds from the public for
investments in Swisscash or any other internet investment scheme,
hosting or operating the Swisscash websites or operating any other
such websites which solicit investments for Swisscash or any other
internet investment scheme and
removing from Malaysia any of their assets which are in Malaysia
The Mareva injunction also requires the defendants to disclose
information pertaining to all their assets in and outside Malaysia,
the companies they have incorporated and the bank accounts they
operate.
The SC has taken action against 3 individuals, namely Albert Lee Kee
Sien (Albert), Kelvin Choo Mun Hoe (Kelvin) and Amir Bin Hassan (Amir)
as well as 3 companies namely Dynamic Revolution Sdn Bhd, Swiss Mutual
Fund (1948) S.A., SMF International Limited and SMF (1948)
International Limited. We believe that these individuals mentioned are
the operators of the scheme in Malaysia.
On 25 September 2008, SC obtained judgment against Albert, Kelvin and
their companies in the amount of USD83 million and such further
amounts as may be traced for payment. The SC, with the help of other
regulators and enforcement agencies has frozen the bank accounts of
the defendants in various other jurisdictions. The SC is now working
with overseas regulators and enforcement agencies to repatriate these
funds back to Malaysia.
3)
Have any monies been recovered against the perpetrators of the scheme?
Currently some of the monies involved in the scam have been frozen and
is in a stakeholder's account in Malaysia. The rest of the defendants'
monies are currently located in various foreign bank accounts and the
SC is actively working with the relevant authorities in those
countries to have those monies brought back to Malaysia.
4)
Are any of the monies belonging to the defendants held by the SC?
No, the SC is not holding any of the monies belonging to the
investors. Monies in Malaysia are currently being held by a
stakeholder. The rest of the monies are in foreign bank accounts.
5)
Where are all the overseas monies currently being held?
The monies that the SC is aware of and have traced are in bank
accounts in Singapore, Isle of Man, Jersey, Switzerland and Australia.
6)
When will the SC be able to get the monies from abroad so that I can
get my money back?
The money involved in this scam is subject to several court
proceedings, not all of which have been concluded. Moreover, the money
involved in the scam is located in various bank accounts of the
defendants who were sued by the SC. Some of these bank accounts are in
countries other than Malaysia and would involve the regulatory
authorities and local laws of these jurisdictions. As such, the
process of repatriation of the monies to Malaysia will take time.
7)
What are the efforts that are being taken by the SC to secure the
monies abroad?
The SC is currently working with overseas regulators and enforcement
agencies to repatriate these funds back to Malaysia. As different
jurisdictions have different laws governing the monies frozen in their
jurisdictions, the repatriation of these monies would require us to
follow various local laws and procedures. Some jurisdictions have
initiated action to forfeit the monies in their jurisdiction. For
example Australia has initiated action under its Proceeds of Crime Act
2002 and if the Australian government's action is successful, the
monies in Australia will be forfeited.
8)
How will the SC know who is eligible to make claims for the money
which they lost in this scheme?
Currently the SC is collating a list of the people who have suffered
loss as a result of the scheme. This is based on the complaints which
we have received up to now from the affected members of the public.
Additionally, we plan to place advertisements in various newspapers
calling for claims to be made against the sums of money which are
recovered.
9)
If I had previously submitted a complaint and provided supporting
documents, will I need to resubmit the information again after the SC
places the advertisements calling for claims to be made?
If you have previously made a complaint to our Investor Affairs and
Complaints department and have submitted supporting documents, you
will not need to do so again unless you have any additional
information or documentary evidence supporting your claim.
10)
Who is eligible to be compensated from the money which the SC
recovers?
We will submit a criteria to the court for its endorsement before any
payment is made. The criteria will include the following: Eligible
persons would be those who have sufficient proof of their principal
investment and who have not been involved in the scam as recruiters
and upliners. Where profits have been made from their initial
investments, such profits will be deducted from the claim sum.
Claimants would have to show documentary proof of their investments in
the scheme. Additionally, there will be other criteria such as whether
they invested in the scam despite the warnings by the authorities.
11)
Who will decide on whether I get my money back?
The criteria for eligibility as mentioned above will be submitted to
the court for its approval.

Enforcement
Milestones
Actions
Civil actions
Enforcement related press releases
Internet scams related press releases
Investor alerts
Have you seen these people?
Links

Lodge Complaints

The Investor Affairs & Complaints Department of the Securities
Commission (SC) inquires into complaints on improper conduct and other
irregularities in the securities and futures markets to assess whether
they disclose offences under the securities laws. The SC welcomes all
types of related complaints since the complaints can assist in
alerting the SC of irregular activities occurring within the industry
or new trends involving investment scams for public money.

If you suspect abuses in the industry and are able to support your
claims, please submit your complaints to the SC.

How to Lodge a Complaint?
You can lodge a complaint by completing the following form:
Print and use this PDF form and fax or send to the address below
(English / Bahasa Malaysia)
Investor Affairs & Complaints Department
Securities Commission
No 3 Persiaran Bukit Kiara
Bukit Kiara
50490 Kuala Lumpur

Tel: 603 6204 8999
Fax: 603 6204 8991
E-mail: aduan@seccom.com.my

The following are examples of the categories of complaints:
Complaints against public-listed companies
Complaints against licensed intermediaries
Complaints against share registrars
Complaints against issuing houses
Complaints against exchanges
Complaints concerning dealings in unit trust
Complaints concerning dealings in securities
Complaints concerning dealings in futures

What should be in the complaint?

Efficient and effective processing can only be done if information
received is accurate and complete. Even though a complainant is not
required to furnish any more information than he/she wishes, critical
information required to enable proper evaluation of the complaint
includes:
Name of the complainant, mail and email addresses, and telephone
numbers.
The name, mail and email addresses, telephone numbers, and any website
address of party(ies) mentioned in the complaint
Specific details of how, why and when the matter complained about
arose.

What happens after a complaint is filed?

Each complaint will be reviewed and evaluated for referral to the
appropriate department within the SC. Where a possible breach of
securities laws is detected, the matter will be referred to the
Investigation Department of the SC for further investigations. It is
the SC's policy to conduct its investigations on a confidential basis
to preserve the integrity of its investigative process as well as to
protect persons against whom unfounded charges may be made or where
the SC determines that enforcement action is not necessary or
appropriate.

The SC cannot under its laws disclose the existence or non-existence
of an investigation and any information gathered.

Any action taken by the SC is taken on its own behalf. The SC does not
conduct arbitrations and will not act as a lawyer or adviser. If
losses are suffered, the aggrieved party will have to file his/her own
claim, either on his/her own or by procuring services of a lawyer.

:: The New Straits Times Online........

- 30 Sep 2008 ... SWISSCASH SCAM: Success due to painstaking work "As
Swisscash had turned out to be a worldwide scam that operated using
the Internet, ...

By : Lee Shi-Ian

KUALA LUMPUR: Securities Commission investigators probing the
Swisscash scam had spent two years painstakingly recording statements
from victims and sifting through mountains of paperwork.
They even had to go overseas to carry out surveillance on the main
suspects.

In the end, their diligent work paid off as the recent landmark court
order against three people to compensate victims of the scam to the
tune of US$83 million (RM286.17 million) showed.

The case began in mid-2006 when the SC received a complaint from a
victim of the scam.

The report was referred to the SC Investor Affairs and Complaints
Department.
Swisscash fund is an investment programme offered through the Internet
and local agents.

It had neither been approved nor endorsed by the Securities Commission
or Bank Negara Malaysia.

Investigators made site visits for intelligence gathering and also to
ascertain if the proprietors had the proper documents and licences to
operate.

At the same time, they also ascertained the main players involved in
the business.

The initial stages of the probe revealed that Swisscash was offering
fund management services, taking money from investors and promising to
invest in various high yielding investment funds with up to 300 per
cent returns.

However, the company was breaching security laws as it did not possess
the proper documents or licences to operate.

Activities involving securities, equities or fund management come
under the purview of the SC.

When investigations revealed that funds contributed by an undisclosed
number of victims ran into millions of ringgit, the Investor Affairs
and Complaints Department passed the case to the SC Prosecution and
Investigation Department.

Investigators then began due diligence on the case.

They began interviewing various victims who had parted with their hard-
earned cash.

They also ran background checks on the main players involved.

"Swiss Mutual Fund was not licensed or exempted from licensing by Bank
Negara Malaysia to accept deposits, nor was it licensed by the
Securities Commission to carry out asset management activities or
investment advisory services in Malaysia," the source said.

"Many people were so swayed by greed and promises of lucrative returns
that they did not do their own checks to ascertain if the company
making such promises was actually authorised to conduct such
activities."

Sources disclosed that investigators also made several trips abroad as
part of surveillance operations and to monitor the actions of the main
suspects and the flow of cash.

"Cash contributed by victims of the scam was being funnelled to bank
accounts abroad and investigators had to sift through mountains of
paperwork to trace the money.

"Cooperation was sought from various agencies abroad as it had become
a transnational case with the main suspects constantly travelling and
cash being transferred to foreign accounts."

In July last year, the SC obtained a worldwide Mareva injunction
against persons involved in the Swisscash investment scam, preventing
them from disposing assets in and outside Malaysia.

Seen as a milestone enforcement action against investment scams, the
SC also announced that it had blocked access to two other websites
offering illegal investment schemes.

The Mareva injunction restrains and prohibits the defendants from
carrying on the business of Swisscash, targeting, soliciting and
collecting funds from the public for investments in Swisscash or any
other Internet investment scheme.

The defendants also cannot host or operate the Swisscash websites or
operate any other such websites which solicit investments for
Swisscash or any other Internet investment scheme.

In September last year, the SC won a court order to transfer RM35
million accumulated under the Swisscash scam back to Malaysia.

The money was being held in six bank accounts in Hong Kong and eight
in Singapore.

"As Swisscash had turned out to be a worldwide scam that operated
using the Internet, the SC worked closely with regulators from seven
other countries to combat these illegal activities.

"The cross-jurisdictional collaboration between so many agencies also
helped to unearth valuable information that has helped investigators
in the course of their probe," the source said.

Now that the judgement has been delivered, the SC is liaising with
authorities from other countries with different jurisdictions and
legal processes, to trace and repatriate the monies back to Malaysia.

RELATED STORIES :

:: SWISSCASH SCAM: BMW impressed colleague to invest in scheme

2008/09/30

KUALA LUMPUR: Tony (not his real name) had a successful job as an
broadcasting executive with a reputable firm and was preparing to tie
the knot with his childhood sweetheart.
"In January 2006, a colleague of mine bought a brand-new BMW 740Li
worth almost RM800,000.

"We were amazed at how he could afford it, given that we were all on
more or less the same salary scale," Tony told the New Straits Times.

"When we asked him how he could afford to purchase the car, he took us
out for a meal and proceeded to tell us about the Swisscash investment
programme and how he had profited from it."

According to Tony, his colleague had been among the early birds who
had signed up with the investment programme when it was introduced and
thus been able to earn 20 per cent every month with the promise of 300
per cent returns after 450 days.
"After hearing him rave about Swisscash and the amazing returns he had
enjoyed after signing up for a mere six months, it started me
thinking.

"I was going to marry my childhood sweetheart in January 2007 after
five years of courtship and dating. And I wanted to make our honeymoon
especially memorable for the both of us.

"I started to do some homework on Swisscash and discovered they
invested in securities and equities in foreign stock markets.

"It never occurred to me to check whether the company had been
licensed by the authorities to operate.

"After several days of contemplation, I decided to put an initial
investment of RM10,000 into Swisscash."

It was all good for the first four months as Tony received RM2,000
every month.

He then decided to put his returns back into Swisscash.

Two months later, Tony managed to persuade his fiancee to invest the
RM50,000 they had set aside for their wedding, although she initially
had reservations. She gave in as he wanted to make enough money to
take her to Europe on their honeymoon.

In August 2006, Tony checked his Swisscash account and noted with
satisfaction that 20 per cent of his total investment had been
credited.

To celebrate, he took his fiancee for a romantic dinner.

The next month, the troubles began when a report was lodged with the
Securities Commission. After a warning was jointly issued by the SC
and Bank Negara Malaysia, Tony began to have doubts.

He issued instructions for the money in his Swisscash account to be
transferred to his bank account and was told it would be done in a
week. It was not.

After several weeks and attempts to get the money transferred, Tony's
calls went unanswered and a visit to the company's office revealed it
had been closed.

The couple were married in January last year. The lovebirds had to
borrow money from their parents for the wedding and dinner.

When he learnt of the latest court order against the three defendants
to compensate victims of the scam, Tony could only say: "This was a
valuable lesson for me not to be greedy."

:: Swisscash claimed to invest in equities markets worldwide

2008/09/30

KUALA LUMPUR: Investing in various securities funds through fund
management services, with returns of up to 300 per cent, would sound
like a dream come true to many.
And indeed it did seem so to the many people who fell victim to the
Swisscash scam.

They withdrew their life savings or borrowed from relatives and
friends to invest in the scam.

"Victims were taken in by assurances of seeing their investments
multiply at an incredible rate and, of course, greed played an
important role," a source said.

Swisscash promised an average investment return of 20 per cent per
calendar month and 300 per cent returns in 450 days. If an customer
invested RM10,000 at the start, he would receive RM2,000 every month
and RM30,000 after 450 days.
Swisscash claimed to invest funds in various securities and equities
market around the world, thus enabling it to record commendable
profits which were supposedly channelled back to their clients.

"Similar to multi-level marketing tactics, those who had invested
their money in Swisscash were encouraged to look for friends and
family to invest in the same scam.

"Attractive knock-on commissions helped to act as a sweetener for
clients to look for more people to invest in Swisscash.

"This resulted in the scam being spread by the agents and also through
word of mouth," the source disclosed.

Additionally, Swisscash also sought clients through the Internet and
offered its attractive returns online.

In September 2006, a warning was jointly issued by Bank Negara
Malaysia and the Securities Commission against investing with Swiss
Mutual Fund which was promoting the Swisscash scheme.

Swisscash also introduced different websites to evade the various
obstacles thrown up by the SC, which had blocked its original website.

On Sunday, the Securities Commission said it had obtained a landmark
High Court judgment on Sept 25 against three defendants -- Albert Lee
Kee Sien, Kelvin Choo Mun Hoe and Dynamic Revolution Sdn Bhd --
involved in the scam.

:: $119m payback for Swisscash investors

- 29 Sep 2008 ...

KUALA LUMPUR - Investors in the Swisscash investment scam will get
back US$83 million (S$119 million) -- a fraction of the tens of
millions they have ploughed in.
The Securities Commission said yesterday it had obtained a landmark
High Court judgment on Sept 25 against three defendants -- Albert Lee
Kee Sien, Kelvin Choo Mun Hoe and Dynamic Revolution Sdn Bhd.

The defendants have been ordered to pay the sum and any further
amounts traced by the SC, to compensate investors of the scam.

They have also been restrained from carrying on the Swisscash
business, acting as unlicensed fund managers and/or investment
advisers, from collecting investment funds for any investment scheme
or hosting any Internet investment scheme websites. If they fail to
comply, the SC can take contempt proceedings against them.

"This judgment is the culmination of two years' of intensive efforts
by the SC in pursuing the perpetrators. This involved cross-border
investigations spanning seven countries to gather evidence and trace
Swisscash monies," the SC said in a statement.
The regulator had successfully obtained a worldwide Mareva injunction
in June last year to prevent the defendants from disposing of their
assets in and outside Malaysia.

A court order was also obtained in September last year, directing one
of the defendants to transfer RM35 million of Swisscash monies back to
Malaysia.

Since then, the SC has led a meeting of seven regulators to intensify
cross-border co-operation and exchange of information on the Swisscash
scam.

This judgment will allow the SC to work with its counterparts in other
countries, including Switzerland, Isle of Man, Jersey, Australia and
Singapore to trace and repatriate Swisscash monies of RM30 million
known to be held overseas to satisfy the judgment.

Eligible investors will be compensated once these monies have been
successfully repatriated.

"This achievement disposes of SC's action against three of the four
defendants named in the civil suit filed in June last year.

"The fourth defendant, Amir Hassan, is still contesting the civil
action," it added.

Swisscash, promoted by Swiss Mutual Fund, is said to be an offshore
investment company headquartered in the Commonwealth of Dominica.
However, the fund's board of directors comprised only Dominican
citizens with no ties to Switzerland..

The fund is believed to have been started after World War 2 in 1948 by
the Cheviot family of France, with operations based in Berne,
Switzerland.

In 1996, the firm moved to the Commonwealth of Dominica due to changes
in financial regulations in Europe.

However, the Swiss embassy in Kuala Lumpur has denied the company's
link with the original organisation based in Switzerland.

On Dec 13, 2006, Swiss Mutual Fund (1948) S.A. was struck off the
Commonwealth of Dominica's Register of International Business
Companies.

Tens of thousands have fallen victim to the scam, including Malaysians
who were introduced to it in April 2005.

In 2006, the SC began investigations into the scam under the
Securities Industry Act 1983 and the Anti-Money Laundering and Anti-
Terrorism Financing Act 2001, following public complaints.

About RM35 million is currently held in six bank accounts in Hong Kong
and eight bank accounts in Singapore.

By August last year, the SC blocked four websites related to Swisscash
--www.swisscash.net, www.swisscash.biz, www.swissmutualfund.biz and
www.swisscashguide.com.

:: Press Release - Swisscash: Landmark judgement for the SC—
Monies ...

- 29 Sep 2008 ...
The Securities Commission (SC) obtained a landmark High Court
judgement against three defendants involved in the Swisscash
investment scam ...

( English / Bahasa Malaysia )

The Securities Commission (SC) obtained a landmark High Court
judgement against three defendants involved in the Swisscash
investment scam which would ultimately lead to the scam’s investors
being compensated.
The judgement against Albert Lee Kee Sien, Kelvin Choo Mun Hoe and
Dynamic Revolution Sdn Bhd, obtained on 25 September 2008, ordered
them to pay USD 83 million, and any further amounts traced by the SC,
for the purpose of compensating investors of the scam.
In addition, the defendants were restrained from carrying on the
Swisscash business and acting as unlicensed fund managers and/or
unlicensed investment advisers. They were also restrained from
collecting funds for investments in any investment scheme or hosting
any internet investment scheme websites.
This judgement is the culmination of two years of intensive efforts by
the SC in pursuing the perpetrators of the Swisscash investment scam
which involved cross-border investigations spanning seven countries to
gather evidence and trace Swisscash monies.
Based on its investigative findings, the SC successfully obtained a
worldwide Mareva injunction in June 2007 to prevent the defendants
from disposing their assets in and out side Malaysia. A court order
was also obtained in September 2007, directing one of the defendants
to transfer RM35 million of Swisscash monies back to Malaysia. Since
then, the SC has led a meeting of seven regulators to intensify cross-
border cooperation and exchange of information on the Swisscash scam.
With this judgement, the SC will be able to work with its counterparts
in other countries including Switzerland, Isle of Man, Jersey,
Australia and Singapore to trace and repatriate Swisscash monies of
approximately RM30 million known to be held overseas to satisfy the
judgement. Eligible investors will be compensated once these monies
have been successfully repatriated.
The judgement also enables the SC to take contempt proceedings against
the defendants if they continue to conduct Swisscash activities or any
other investment schemes.
This achievement disposes SC’s action against three of the four
defendants named in the civil suit filed in June 2007. The fourth
defendant, Amir Hassan, is still contesting the civil action.
Investors are again reminded that neither Swiss Mutual Fund nor
Swisscash are licensed by the SC. Members of the public are advised to
only invest with parties licensed by the SC to be accorded the
protection provided under the securities laws. The list of companies
and individuals licensed by the SC to engage in investment activity
are available here.

List of Licensed Intermediaries

The purpose of the Lists of licensed intermediaries (the Lists) as
holders of the Capital Markets Services Licence (CMSL) is to enable
the members of the public to ascertain whether they are dealing with a
licensed person to carry on the regulated activity allowed.
The Lists are not intended to replace the Register of Licence Holders
provided under section 77 of the Capital Markets and Services Act
2007.
The information in the Lists is accurate as at the date stated. Please
call 603-6204 8000 (during office hours) or e-mail cau@seccom.com.my
for the most current information.

By publishing the Lists, the SC does not recommend nor guarantee the
performance of any licensed person.
The information presented in the Lists is current as at 31 August
2008.
(Note: You need to have Acrobat Reader to view the pdf files. If you
do not have Acrobat Reader, you may download it first.)

List of CMSL holders for the following regulated activities:

Advising on Corporate Finance (pdf)
Dealing In Securities (pdf)
Financial Planning Activities (Corporate) (pdf)
Financial Planning Activities (Individual) (pdf)
Fund Management (pdf)
Trading in Futures Contract (pdf)
Investment Advice (pdf)
Investment Advice Activities (Individual) (pdf)

:: The Malaysian Bar - Swiss Scam: RM286m payback for Swisscash
investors

- 29 Sep 2008 ...

Malaysian Bar - the official website of the Malaysian Bar, a body of
legal practitioners in Malaysia, represented by the Malaysian Bar ...
KUALA LUMPUR: Investors in the Swisscash investment scam will get back
US$83 million (RM286.3 million) -- a fraction of the tens of millions
they have ploughed in. The Securities Commission said yesterday it had
obtained a landmark High Court judgment on Sept 25 against three
defendants -- Albert Lee Kee Sien, Kelvin Choo Mun Hoe and Dynamic
Revolution Sdn Bhd.
The defendants have been ordered to pay the sum and any further
amounts traced by the SC, to compensate investors of the scam.
They have also been restrained from carrying on the Swisscash
business, acting as unlicensed fund managers and/or investment
advisers, from collecting investment funds for any investment scheme
or hosting any Internet investment scheme websites. If they fail to
comply, the SC can take contempt proceedings against them..
"This judgment is the culmination of two years' of intensive efforts
by the SC in pursuing the perpetrators. This involved cross-border
investigations spanning seven countries togather evidence and trace
Swisscash monies," the SC said in a statement.
The regulator had successfully obtained a worldwide Mareva injunction
in June last year to prevent the defendants from disposing of their
assets in and outside Malaysia.
A court order was also obtained in September last year, directing one
of the defendants to transfer RM35 million of Swisscash monies back to
Malaysia.
Since then, the SC has led a meeting of seven regulators to intensify
cross-border co-operation and exchange of information on the Swisscash
scam.
This judgment will allow the SC to work with its counterparts in other
countries, including Switzerland, Isle of Man, Jersey, Australia and
Singapore to trace and repatriate Swisscash monies of RM30 million
known to be held overseas to satisfy the judgment.
Eligible investors will be compensated once these monies have been
successfully repatriated.
"This achievement disposes of SC's action against three of the four
defendants named in the civil suit filed in June last year.
"The fourth defendant, Amir Hassan, is still contesting the civil
action," it added.
Swisscash, promoted by Swiss Mutual Fund, is said to be an offshore
investment company headquartered in the Commonwealth of Dominica.
However, the fund's board of directors comprised only Dominican
citizens with no ties to Switzerland.
The fund is believed to have been started after World War 2 in 1948 by
the Cheviot family of France, with operations based in Berne,
Switzerland.
In 1996, the firm moved to the Commonwealth of Dominica due to changes
in financial regulations in Europe.
However, the Swiss embassy in Kuala Lumpur has denied the company's
link with the original organisation based in Switzerland.
On Dec 13, 2006, Swiss Mutual Fund (1948) S.A. was struck off the
Commonwealth of Dominica's Register of International Business
Companies.
Tens of thousands have fallen victim to the scam, including Malaysians
who were introduced to it in April 2005.
In 2006, the SC began investigations into the scam under the
Securities Industry Act 1983 and the Anti-Money Laundering and Anti-
Terrorism Financing Act 2001, following public complaints.
About RM35 million is currently held in six bank accounts in Hong Kong
and eight bank accounts in Singapore.
By August last year, the SC blocked four websites related to Swisscash
--www.swisscash.net, www.swisscash.biz, www.swissmutualfund.biz and
www.swisscashguide..com.

:: Swisscash victims may get money back

- 29 Sep 2008 ...

PETALING JAYA: There is hope now for victims of the Swisscash
investment scam to regain some of their investments. ....

The Securities Commission (SC) has obtained a landmark judgment
compelling two men anda company involved in the scam to pay back US
$83mil (RM285mil) or anyfurther amounts traced after this to the
commission.
The monies recovered will ultimately be channelled back to the victims
in the form of compensation.
The judgmentis significant in that it gives the commission a stronger
bitefrom nowon when hunting down perpetrators of other scams.
The judgment against Albert Lee Kee Sien, Kelvin Choo Mun Hoe and
Dynamic Revolution Sdn Bhd was obtained on Sept 25, from the High
Court here.
With this judgment, the commission will be able to work with
itscounterparts inother countries including Switzerland, Isle of Man,
Jersey, Australia and Singapore to trace and repatriate Swisscash
monies of approximately RM30mil known to be held overseas to
satisfythe judgment.
“Eligible investors will be compensated once the semonies have been
successfully repatriated,” the commission said in apress statement.
The commission said that in addition, the defendants were restrained
from carrying on Swisscash business andacting as unlicensed fund
managersand unlicensed investment advisers.
“Theyarealso restrained from collecting funds for investments in any
investment scheme or hosting any Internet investment scheme
websites,”the statement said.
It was earlier reported that SwissCash had no licence to collect
funds, and thus, was illegal.
Its modus operandi was based on Telegraphic Transfer transactions in
local banks and also through the Internet.
Itoffereda no-limit investment plan with convincing profit returns
which attracted investments of between RM380mil and RM3.8bil from
about100,000 Malaysian investors.
The judgment also enables the commission to take contempt proceedings
against the defendants if they continue to conduct Swisscash
activitiesor any other investment schemes.
This achievement disposes the commission’s action against three of the
four defendants named in the civil suit filed inJune last year. The
fourth defendant, Amir Hassan, is still contesting the civil action.
Basedon their findings, the SC had obtained aworldwide Mareva
injunction inJune 2007 to prevent the defendants fromdisposing their
assets in andoutside Malaysia.
A courtorderwas also obtained in September 2007 directing one of the
defendants to transfer RM35mil of Swisscash monies back to Malaysia.
The commission also reminded investors that neither Swiss Mutual Fund
nor Swisscash are licensed by them.
Bar Council vice-president Ragunath Kesavan said that “very rarely”
was there a provision in a civil suit for recovery.
“It’s a good step and I hope regulators will take a more proactive
action towards protecting public interest,” he said.

:: Malaysia News Today - Swisscash victims may get money back

- Monday, 29 September 2008 -

The commission said that in addition, the defendants were restrained
from carrying on Swisscash business and acting as unlicensed fund
managers and ...

PETALING JAYA: There is hope now for victims of the Swisscash
investment scam to regain some of their investments.
The Securities Commission (SC) has obtained a landmark judgment
compelling two men and a company involved in the scam to pay back US
$83mil (RM285mil) or any further amounts traced after this to the
commission.
The monies recovered will ultimately be channelled back to the victims
in the form of compensation..
The judgment is significant in that it gives the commission a stronger
bite from now on when hunting down perpetrators of other scams.
The judgment against Albert Lee Kee Sien, Melvin Choo Mun Hoe and
Dynamic Revolution Sdn Bhd was obtained on Sept 25, from the High
Court here.
With this judgment, the commission will be able to work with its
counterparts in other countries including Switzerland, Isle of Man,
Jersey, Australia and Singapore to trace and repatriate Swisscash
monies of approximately RM30mil known to be held overseas to satisfy
the judgment.
“Eligible investors will be compensated once these monies have been
successfully repatriated,” the commission said in a press statement.
The commission said that in addition, the defendants were restrained
from carrying on Swisscash business and acting as unlicensed fund
managers and unlicensed investment advisers.
“They are also restrained from collecting funds for investments in any
investment scheme or hosting any Internet investment scheme websites,”
the statement said.
It was earlier reported that SwissCash had no licence to collect
funds, and thus, was illegal.
Its modus operandi was based on Telegraphic Transfer transactions in
local banks and also through the Internet.
It offered a no-limit investment plan with convincing profit returns
which attracted investments of between RM380mil and RM3.8bil from
about 100,000 Malaysian investors.
The judgment also enables the commission to take contempt proceedings
against the defendants if they continue to conduct Swisscash
activities or any other investment schemes.
This achievement disposes the commission’s action against three of the
four defendants named in the civil suit filed in June last year. The
fourth defendant, Amir Hassan, is still contesting the civil action.
Based on their findings, the SC had obtained a worldwide Mareva
injunction in June 2007 to prevent the defendants from disposing their
assets in and outside Malaysia.
A court order was also obtained in September 2007 directing one of the
defendants to transfer RM35mil of Swisscash monies back to Malaysia.
The commission also reminded investors that neither Swiss Mutual Fund
nor Swisscash are licensed by them.
Bar Council vice-president Ragunath Kesavan said that “very rarely”
was there a provision in a civil suit for recovery.
“It’s a good step and I hope regulators will take a more proactive
action towards protecting public interest,” he said.

:: High Court orders trio to pay RM285 mil

- Monday September 29, 2008 ...

The defendants were also restrained from carrying on the Swisscash
fund managers and/or unlicensed ... business and acting as unlicensed
THE Securities Commission (SC) has obtained a landmark High Court
judgement against three defendants involved in the Swisscash
investment scam which would ultimately lead to the scam’s investors
being compensated.
The SC said in a statement that the judgement against Albert Lee Kee
Sien, Kelvin Choo Mun Hoe and Dynamic Revolution Sdn Bhd, obtained
last Thursday, ordered them to pay US$83mil (RM285mil), and any
further amounts traced by the SC, for the purpose of compensating the
investors of the scam.
The defendants were also restrained from carrying on the Swisscash
business and acting as unlicensed fund managers and/or unlicensed
investment advisers. They were also restrained from collecting funds
for investments in any investment scheme or hosting any internet
investment scheme websites.
“With this judgement, the SC will be able to work with its
counterparts in other countries to trace and repatriate Swisscash
monies of approximately RM30mil known to be held overseas to satisfy
the judgment,” the SC added.
The judgment also enables the SC to take contempt proceedings against
the defendants if they continue to conduct Swisscash activities or any
other investment schemes.
This achievement disposes the SC’s action against three of the four
defendants named in the civil suit filed in June last year. The fourth
defendant, Amir Hassan, is still contesting the civil action.

:: Daily Express, Sabah, Malaysia -- News Headlines - SC to resolve
Swisscash case soon

- 13 August, 2008

As Swisscash is a worldwide scam that operates in the borderless
Internet ... This achievement in SC's civil proceedings ensures that
Swisscash monies are ...
Kuala Lumpur: The Securities Commission (SC) is trying to resolve the
RM35 million Swisscash monies case as soon as possible, said its
chairman Datuk Zarinah Anwar.
"We have frozen all the accounts and we have seized all the monies,
which were illegally obtained. (Now) we are trying to resolve the case
as soon as possible," she said, when asked on the latest development
of the case, which was reported in 2007.
The SC last year 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.
Approximately RM35 million was 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, the SC said in a
statement last year.
It said 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 subjected to the
worldwide Mareva freezing orders pending the outcome of civil
proceedings filed by the SC early 2007 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 Ltd.
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 subjected to any order made in the proceedings.
- Bernama

:: Rs.200 mn mutual fund scam unearthed in Chennai

May 17th, 2008 - 1:37 am ICT by admin -

Chennai, May 16 (IANS) Police are on the lookout for three men who
duped hundreds of investors of Rs.200 million through a fake mutual
fund scheme here. Police said Friday that they were looking for three
promoters of the now defunct Swiss Mutual Fund, based in a southern
suburb, who had floated the scheme on the internet.
The suspects - S. Shamsuddin, K. Venkatesh and R. Murugan - had
promised the investors a complete recovery of the investment in 12
monthly instalments and a similar lifelong return.
Meanwhile, in another case, two employees of Quest Net have been
arrested following over 8,000 complaints in the last 20 days of multi-
level-marketing frauds worth over Rs.300 million.
The principal company in Malaysia, Gold Quest, had however denied any
wrong doing.

Police uncover China's largest online pyramid scam

Fri Aug 31, 2007 6:00am EDT

BEIJING (Reuters) - Chinese police have uncovered the country's
largest alleged on-line pyramid selling scheme, involving 170,000
people and 1.36 billion yuan ($180 million), state media said on
Friday.
Authorities in Tai'an city, in the eastern Shandong province,
uncovered the scheme named "Swiss Mutual Fund" in May, which was found
to be illegal after investigation, xinhua said.
"It required each investor to pay 8,000 yuan ($1,052) and promised to
pay back 400,000 yuan ($52,000) in 30 months", the report said.
Two men have been charged for the scheme.
The uncovered scheme in Tai'an is just part of China's campaign
against pyramid selling from July 16 to August 15 this year, xinhua
said.
"The campaign identified 600 schemes involving 1.7 billion yuan ($224
million) nationwide, with more than 3,300 organizers and core members
arrested in 14 provinces and cities," xinhua said.
Pyramid selling is illegal in China and was banned in China in 1998
after a series of scandals, including one in 1995 in which two women
were executed for masterminding a scheme.

:: China Scene: South

Record litter of golden pigs this year

2007-10-09 ...e that had previously been busted on the mainland. The
suspects were caught recruiting investors at seminars and on the
Internet for "Swisscash", which promised a 25 percent monthly return.
Investors were given bonuses if they recruited new investors. Hong
Kong police were urgi...
A record 100,000 babies are expected to be born in Dongguan, Guangdong
Province, in 2007. This year is supposed to be a lucky one for
childbirth as it is the year of the pig, according to the Chinese
lunar calendar.
The city's family planning department has, so far, granted more than
110,000 childbirth permits. More than 50,000 babies were born in the
first half of the year.
Many maternity wards at the city's major hospitals have been fully
booked, and organizations offering classes for pregnant women and new
mothers have also been enjoying brisk business..
(Southern Metropolitan News)
Cops bust massive Ponzi racket once more
Hong Kong police have arrested three men for suspected involvement in
a "Ponzi" scheme that had previously been busted on the mainland.
The suspects were caught recruiting investors at seminars and on the
Internet for "Swisscash", which promised a 25 percent monthly return.
Investors were given bonuses if they recruited new investors. Hong
Kong police were urging victims to come forward.
Mainland police arrested two organizers of the Swisscash scheme last
month, which involved 170,000 people and 1.3 billion yuan ($173
million) in funds. A Ponzi scheme pays out high returns to investors,
paid by subsequent investors, rather than real profits. It was named
after the Italian-American fraudster Charles Ponzi.
(Oriental Daily)

:: China's largest 'pyramid' scheme nets 170,000 people

(Xinhua)

Updated: 2007-08-31 17:07

Chinese police have uncovered the country's largest ever alleged on-
line pyramid selling scheme, involving 170,000 people and 1.36 billion
yuan (US$180 million).
The scheme, operated under the name of "Swiss Mutual Fund", required
each investor to pay 8,000 yuan (US$1,052) and promised to pay back
400,000 yuan (US$52,000) in 30 months.
In May, authorities of Tai'an City, Shandong Province, learned about
the "Swiss Mutual Fund" and began investigating.
They found the so-called "fund" had never been registered at the China
Security Regulatory Commission (CSRC), the Ministry of Civil Affairs
(MCA) or the People's Bank of China (PBOC), and concluded it was
illegal.
The People's Procuratorate of Taishan District of Tai'an City has
charged Wei Lixin and Chen Yong for operating a pyramid selling
scheme.
The Chinese authorities have been taking hard line against pyramid
selling schemes of different kinds.
The Ministry of Public Security launched a campaign against pyramid
selling from July 16 to August 15, identifying 600 schemes involving
1.7 billion yuan (US$224 million) nationwide, with more than 3,300
organizers and core members arrested in 14 provinces and cities..
In 1998, the government banned pyramid selling. In 2005, the
Provisions on the Prohibition of Pyramid Scheme were published and put
into effect.

:: Jamaican Swiss Cash investors could lose out

Valhalla

Friday, July 13, 2007

Jamaican investors in Swiss Cash, the firm promising 25 per cent per
month on US dollar investments, could lose their money as the
Malaysian government has put a global block on all its accounts.
In fact, yesterday when two local investors tried to log on in front
of this reporter, one investor found a large green banner across the
Swiss Cash portal preventing access; the other investor who was able
to log into their Swiss Cash online account showed a zero balance on
the screen.
On June 21st, the Malay Securities Commission obtained a worldwide
Mareva injunction against Swiss Cash. Investors who are still
participating in illegal Internet investment schemes are advised to
withdraw their investments immediately. Investors will not be able to
access their accounts once these websites have been blocked, the
Malaysian Securities Commission (SC) stated in a July 10 press
release.
And the block is not just on the Swiss Cash Internet portal. The
Malaysian regulators warned of blocking Omirror© websites created by
Swiss Cash operators following the blocking of access to their main
websites.
Swiss Cash, on its website, claims to earn an average of 2 per cent
per day from high-yielding investments such as currency derivatives,
leveraged buyouts and high-yielding debt paper. The company, led by
Michael Mansfield, claims that investments of US$1,000 or more could
earn a profit of up to 300 per cent after 15 months.
"My understanding is that the company operates on the basis of paying
interest on funds deposited and on additional persons you are able to
recruit. So there were people actively recruiting investors here in
Jamaica," explained economist Cedric Wilson.
It has been suggested by financial analysts that Swiss Cash gained
traction locally not only because of its high returns but because it
appealed to investors who were eager but unable to deposit funds with
the popular Turks & Caicos-based foreign currency trading firm. In
fact, local high powered brokers claimed that they have been reliably
informed that one of the two popular alternative investment schemes
has a significant investment in Swiss Cash.
Said one broker, "People are saying that the entity can pay 10 per
cent per month because they are collecting 25 per cent."
A highly placed source in the financial services regulatory community
told Caribbean Business Report, "We hear that people have been sending
their money to this company, but we cannot say how many Jamaicans have
put money with Swiss Cash."
Reports coming to Caribbean Business Report stated that several Swiss
Cash sales agents from Montego Bay have been holding seminars in
Kingston to recruit investors. These sales agents were said to have
done very well.
Even so, unlike the long lines of eager depositors that characterise
the other alternative investments operating in Jamaica, Swiss Cash had
its doubters.
Case in point: "At a highly respected unit trust and brokerage
company, senior executives launched a private investigation when the
company's bearers tried to encourage them to sign up with Swiss Cash.
These bearers found a way to wire money to Swiss Cash and were trying
to earn commissions from referrals. We went online and read the fine
print. It said that once you put in money, you cannot get it back
until Swiss Cash finds another investment to put the funds in. We then
called the Swiss Cash number and it was disconnected," explained a
senior executive.
A New Kingston boutique brokerage house sent someone to visit the
Swiss Cash offices on 280 Madison Avenue in Manhattan, New York only
to find an empty office space.
Wilson explained, "Swiss Cash, in terms of its introduction to
Jamaica, came in later than the two established ones. Also, it is a
very nebulous operation. There is no fax number and you can't contact
them directly.. Plus there is a lot of negative things on the Internet
about it."
The Mareva was sought by the Malaysian Securities Commission following
the filing of a civil suit against defendants Albert Lee Kee Sien,
Kelvin Choo Mun Hoe, Amir bin Hassan, Dynamic Revolution Sdn Bhd,
Swiss Mutual Fund (1948) SA, SMF International Limited and SMF (1948)
International Limited.
These individuals have been barred from:
. carrying on the business of Swiss Cash,
. targeting, soliciting and/or collecting funds from the public for
investments in Swiss Cash or any other Internet investment scheme, and
. hosting or operating the Swiss Cash websites or operating any other
such websites which solicit investments for Swiss cash or any other
internet investment scheme.
The Mareva also 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.
When questioned if our local Financial Services Commission (FSC) was
planning a similar action, the source at the FSC said, "Who would they
hold on to? There are no Swiss Cash offices in Jamaica. It is all
Internet based." FSC Executive Director Brian Wynter was unavailable
for comment.
However, the FSC has, over the last few weeks, embarked on an
aggressive media campaign warning investors to "Think and check before
you invest."
Wilson noted, "The most the FSC can do is advise people as Swiss Cash
does not operate under Jamaican laws. Besides, this is an outright
Ponzi scheme, an outright pyramid."
Although one of Swiss Cash's business names is Swiss Mutual Fund
(1948), it was set up in April of last year. In Malaysia over 50,000
people have purportedly signed up for the scheme. The Swiss Embassy in
Malaysia has denied that its government had approved the scheme and
also rebuffed claims that it was based in Switzerland.

Public Notice issued by Commonwealth of Dominica – SwissCash - F.S.C
Public Warnings

This notice is issued by the Financial Supervision Commission (“the
Commission”) in accordance with the powers conferred upon it under
Section 22 of the Financial Supervision Act 1988.

Public Notice issued by Commonwealth of Dominica – SwissCash

The Commission has been made aware that the Government of the
Commonwealth of Dominica Financial Services Unit, Ministry of Finance
& Planning has issued a Public Notice concerning the above entity
claiming links with the Commonwealth of Dominica in the West Indies.
The above entity claims to have an address of P.O. Box 2342, Roseau,
Commonwealth of Dominica. The full text of the Public Notice issued by
the Government of the Commonwealth of Dominica Financial Services Unit
is available click here.
Persons having queries regarding the Notice issued by the Government
of the Commonwealth of Dominica Financial Services Unit may contact
them by telephoning +767 448 2401 Ext. 3558/3559 or by email to
fsu@cwdom.dm .

Financial Supervision Commission
Address:
P.O. Box 58
Finch Hill House
Bucks Road
Douglas
Isle of Man
Post Code:
IM99 1DT
Telephone:
01624 689300
Fax:
01624 689399

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hyip watching

2009-11-24T00:25:00.000-08:00

http://hyipbanker.com/

SMF1948

2009-11-24T00:17:00.000-08:00

Swiss Cash 1948

Really good response, and I appreciate it very much.

One last issue...they bank with Barclay's, so that implies that
Barclays has checked them out to some degree, and must monitor the
deluge of funds coming in to their account...
Their details are:

Beneficiary Name
SMF International Limited

Beneficiary Account No.
64038388

Beneficiary Bank
Barclays Bank PLC

Beneficiary Bank Address
13 Library Place, St. Helier, JE4 8NE, Jersey

Bank Branch Sort Code
204509

Bank SWIFT
BARCGB22

IBAN
GB59 BARC 2045 0964 0383 88 (For European Wire Transfer ONLY)

Beneficiary Address
Union Square Building, Elizabeth Avenue, Nassau, Bahamas.

Currency: United States Dollar - USD

Can you look into this, and see if there this SMF International is
perhaps legit in some way?

www.pch.com/surprise win $5000 a week for life with publishers clearing house

2009-10-13T00:26:00.000-07:00

The Publishers Clearing House ( www.pch.com/surprise ) has made it easier than ever to get the prize van to bring you a giant text. Just go to the site and fill out the quick entry and you will be entered to win the $5000 a Week for Life SuperPrize.

"February 29th SuperPrize Event

Giveaway No. 1170: We will be taking a Special Early Look for a SuperPrize winner from Giveaway No. 1170. All Special Early Look bulletins/promotions during the timeframe of 12/10/07 through 2/19/08 will be assigned valid SuperPrize Numbers fully eligible to win Giveaway No. 1170 on February 29, 2008. SuperPrize Numbers assigned from 12/10/07 through 2/19/08 will also be fully eligible to win a guaranteed $1 Million SuperPrize on February 29th in a Second Chance Drawing if the matching winning number for this Special Early Look SuperPrize is not returned or is ineligible. Your entry will be dated immediately upon receipt. All you need to do to participate in the winner selection process is to enter by the deadline."

Then watch NBC February 29th to see who won, or if you won just look for the van in your drive way.

Swiss Cash

2009-09-24T06:44:00.000-07:00

http://www.youtube.com/watch?v=ov4On4Qzof8

useful Links

2009-08-31T22:21:00.000-07:00

Click This site Links and Earn more Money

'Swiss black money can take India to the top'

2009-08-29T00:48:00.000-07:00

Indian money stashed in the Swiss Bank has become a focal point of debate, especially after the Leader of Opposition and the Bharatiya Janata Party's [ Images ] prime ministerial candidate L K Advani [ Images ] raised the issue on Sunday. If elected, the BJP has vowed to bring the black money back home. Though the Congress dismissed the idea, the Swiss bank issue is slowly becoming a hot election issue.

In fact the BJP also plans to carry out a mock election across the country on April 6 where people will have to cast their vote indicating whether Indian money in Swiss banks should be brought back to India or not.

During his address, Advani said the BJP will form a task force comprising experts to prepare a strategic document for India to recommend ways to get back the national wealth stashed away illegally by corrupt politicians, businessmen and criminal overlords.

One of the names he mentioned in the task force is Professor R Vaidyanathan, Professor of Finance at the Indian Institute of Management, Bengaluru [ Images ].

In this exclusive interview to rediff.com's Vicky Nanjappa, Vaidyanathan explains in detail the importance of bringing back the ill-gotten wealth and how the money got there in the first place.

Firstly how much Indian money do you think is stashed away in the Swiss Banks?

In 2006, the most recent Global Financial Integrity study, developing countries lost an estimated $858.6 billion (about Rs 43 lakh crore) to $1.06 trillion (abot Rs 51 lakh crore) in illicit financial outflows. Even at the lower end of the range of estimates, the volume of illicit financial flows coming out of developing countries increased at a compound rate of 18.2 percent over the five-year period analysed for the study. On average, for the five-year period of this study, Asia accounts for approximately 50 percent of overall illicit financial flows from all developing countries.

This report shows that the average amount stashed away from India annually during 2002-06 is $27.3 billion (about 136,466 crore). It means that during the five-year period the amount stashed away is 27.3x5=136.5 billion (about 692,328 crore). It is not that all these amounts went to Swiss banks. It has gone to different tax and secret shelters. The share of Swiss banks in dirty money being a third of the global aggregate, some $45 billion out of the 136.5 billion stashed away from India would have been hoarded in these years in Swiss banks.

The important point is that this is only for five years. More amounts were stashed away during the Nehruvian regime. So the loot for 55 years will be several times higher. In fact, in those days the rupee commanded a better value per dollar. So fewer rupee could get more dollars. So the estimation that the Indian money stashed away may be of the order of $1.4 trillion (about Rs 71 lakh crore).

On what basis have you come to this conclusion?

There is a lot of literature available as to how to estimate the illicit financial flow from developing countries. We find out what the nature of the flow is. I have also relied upon the study Illicit Financial Flows from Developing Countries: 2002-2006 Global Finanacial Intergrity authored by Dev Kar and Devon-Cartwright Smith, a project of the Ford [ Images ] Foundation. Financial flows in the context of this report includes the proceeds from both illicit activities such as corruption (bribery and embezzlement of national wealth), criminal activity, and the proceeds of ilicit business that become illicit when transported across borders in contravention of applicable laws and regulatory frameworks (most commonly in order to evade taxes).

Which are the various tax havens, where the ill-gotten wealth of Indian businessmen and politicians are stashed?

There are presumably more than 70 tax havens in the world. Indian wealth could be more in Switzerland [ Images ] and various British /US islands. At least 40 countries market themselves aggressively as tax havens [Source: Internal Revenue Service USA on Abusive Off-shore Tax Avoidance schemes Talking Points Jan 2008]. The well-known tax havens are Switzerland/ Liechtenstein/Luxemburg/ Channel Islands etc.

Could you elaborate and tell us how the money got there in the first place?

There are several methods/reasons. Under invoicing/over invoicing of exports and imports and getting the balance stored abroad. Kickbacks from major defense/civilian contracts. Not bringing the earnings abroad. In the old days smuggling of gold and illegal money. Transactions done abroad and not reported here. Hawala funds. Funds earned by artists/ entertainment industry /sports people and stashed abroad. When you want to indulge in adharma, hundreds of ways are open!

We would like to know the terror connection. Do you think even terrorists are stashing away cash and using the tax haven route to send across money all over the world, to finance their activities?

M K Narayanan, our National Security Advisor, has spoken about it in Berlin recently.

Advani says that it is important to bring this money back. How can the government go about it and what are the various ways in which India can get its money back?

Put it on the Global Agenda. Put it in G-20. Put it in the International Monetary Fund. Put it in Egmont Group. Also take a lead among all developing countries. Support US /German/French efforts.

If India decides to take the initiative, will the Swiss authorities cooperate?

It is not due to our pressure but that of US which will make them co-operate. When a family is in deep financial crisis then it tries to look at the small amount saved under the sugar jar by grandma. Same way developed economies are desperate for every dollar. Even if we do not act due to their efforts the list of crooks may be out, then we will be in a dangerous social situation since the who's who of India will be there. Instead we should get it and get the funds and decide on the steps to sterilise it. Otherwise, the world will laugh at us.

Politicians sure must be having a lot of money in Swiss Banks. Do you think this factor will deter the government from acting?

Public pressure will make them do it. Plus, the evolving global situation against tax havens. The money belongs to the poor farmers and unorganised workers of India. Also, Indian businessmen have a lot of their ill-gotten gains in these banks. The world situation is such that Indian businessman will want to bring it back now given the attractive returns in India.

Do you think that the Indian government should demand all the Indian black money in Swiss banks?

Of course. India should and must act. We are not a banana republic.

You wrote in your column that the German foreign intelligence agency BND got names of 1,400 clients of the Liechtenstein-based LTG bank who were supposed to be suspected tax evaders. Of the 1,400, 600 were supposed to be Germans. Do you think of the remaining there will be Indians as well? Has the Indian government approached the German government for the list?

Indian names will be there. Our tax evaders and crooks are like the omnipresent Maha Vishnu [ Images ] -- present in all continents and all tax havens. But our government has been lukewarm in this issue. It should have despatched immediately senior officials to get the names.

Isn't it important to tackle the issue of domestic black money?

It is definitely important. At least the domestic black money is used in our economy and to that extent it is productive. But the money kept in Swiss banks is neither useful to India nor does it benefit Indians.

What role should the media play?

The media has a very important role to play. At the moment it seems like most part of the media is more interested in the diet of an actress. Pressure by the media needs to be built up on this issue and remember that a lot of Indians don't just go to Switzerland to ski.

What about the names of these persons?

India must try and get the names. But more importantly should get the money back. It should be top on the agenda and India ought to take a moral lead in this issue.

Will the Indian economy improve if the money is brought back?

It will do phenomenally. India will be in the top five league if all the ill-gotten money is brought back. It will change the Indian scenario and I have been saying this since 1993.

Do you think that these people will now try and pull out the money since this issue has become a hot topic?

I don't think so. If they do then India should create an instrument and regulate frameworks to bring the money back.

What kind of punishment do you suggest for these persons?

Punishment is not the issue now. There is a need to create fear in them and follow what the international community does on this issue.

Lastly do you think this is becoming just another election issue?

The US and Germany [ Images ] took the lead and there is no election there. We should not treat this as an election issue. We have to take up this matter and if we don't then we will become a laughing stock of the entire world.

Our Money-70,00,000 Crores Rupees In Swiss Bank

2009-08-18T07:18:00.000-07:00

Our Money-70,00,000 Crores Rupees In Swiss Bank

Engineer
1) Yes, 70 lakhs crores rupees of India are lying in Switzerland banks. This is the highest amount lying outside any country, from amongst 180 countries of the world, as if India is the champion of Black Money.
2) German Government has officially written to Indian Government that they (German Government) are willing to inform the details of holders of 70 lakh crore rupees in their Banks, if Indian Government officially asks them.

3) On 22-5-08, this news has already been published in The Times of India and other Newspapers based on German Government's official letter to Indian Government.

4) But the Indian Government has not sent any official enquiry to Germany for details of money which has been sent outside India
between 1947 to 2008. The opposition party is also equally not interested in doing so because most of the amount is owned by politicians and it is every Indian's money.

5) This money belongs to our country. From these funds we can repay 13 times of our country's foreign debt. The interest alone can take care of the Centre's yearly budget. People need not pay any taxes and we can pay Rs. 1 lakh to each of 45 crore poor families.

6) Let us imagine, if Swiss Bank is holding Rs. 70 lakh crores, then how much money is lying in other 69 Banks? How much they have deprived the Indian people? *Just think, if the Account holder dies, the bank becomes the owner of the funds in his account.*

7) Are these people totally ignorant about the philosophy of *Karma*? What will this ill-gotten wealth do to them and their families when they own/use such money, generated out of corruption and exploitation?

8) Indian people have read and have known about these facts. But the helpless people have neither time nor inclination to do anything in the matter. This is like "a new freedom struggle" and we will have to fight this.

9) This money is the result of our sweat and blood. The wealth generated and earned after putting in lots of mental and physical efforts by Indian people must be brought back to our country.

Swiss bank Account - A promise from Advani BJP targets Swiss bank accounts

2009-08-18T07:08:00.000-07:00

Swiss bank Account - A promise from Advani
BJP targets Swiss bank accounts
Tribune News Service

Chandigarh, March 29
Switzerland is known as much for its chocolate and cheese as its secret bank accounts. And the BJP president Lal Krishna Advani today set the cat among the pigeons by demanding that Prime Minister Manmohan Singh raise the issue forcefully at the G-20 summit in London.

Mr Advani also declared that the NDA, if voted to power, will bring back all Indian money held in secret bank accounts in tax havens abroad. He was, however, silent on the question of giving amnesty to the account holders.

Congress spokesman Kapil Sibal, in his initial reaction, wondered why the BJP chief never raised the issue in Parliament. “ He could have raised it in Parliament and the PM would have replied,” he said.

US federal agencies, however, have already offered to reduce penalties and no criminal prosecution provided US account holders voluntarily come forward to disclose amounts stashed in Swiss banks and pay taxes at reduced rates during the next six months. Other countries are expected to follow the US example.

Switzerland’s bank secrecy laws have come under increasing scrutiny and Switzerland’s largest private bank, UBS, was forced, this year, to divulge details to US agencies investigating tax fraud and tax evasion.

Reports last week quoted Swiss bankers to confirm that top executives have been asked not to travel abroad because of fears they will be detained as part of a global crackdown on bank secrecy.

Janata Dal (U) chief Sharad Yadav had also raised the issue of Indians’ accounts in Swiss banks, which, he alleged, amounted to 13 times the foreign debt and eight times the national budget. If the money is brought back to the country, he had said, India would be able to repay all the foreign debts and still be left with a huge, foreign exchange reserves.

The Swiss Banking Association was reported last year as stating that Indians had a whopping US $ 1,456 billion in secret accounts, which was more than the balance held by all other nationalities taken together. According to the report, Russians held US $470 billion, UK $ 390 billion and China $ 96 billion.

Quick to borrow the issue of secret bank accounts abroad from the Left and JD-U who raised it first, BJP’s prime ministerial candidate LK Advani said the NDA, if voted, would take all legal and executive measures to get the illegal money back to India for investment.

“I don’t expect anything from the UPA, because to act on this front, the government has to be clean,” said Advani, demanding a cabinet meeting on the issue before the PM left for London.

The BJP is, meanwhile, geared to fan the issue which Advani described as a “political storm”. Party’s state units will on April 6 conduct mass polls on the subject; BJP chief ministers will seek from the Centre details of secret account holders from their states and the party will form a taskforce to suggest ways of reclaiming the secret money, which the BJP today compared to RDX that can fund global terror and destroy financial institutions.

Interesting was to see Advani citing the Wikipedia to claim Rs 25 lakh crore to Rs 70 lakh crore worth of Indian wealth was hoarded in Swiss accounts and other tax havens. He questioned India’s silence on the issue, saying: “Last year, I had written to the PM about the need to get the names of Indians, presumed to have secret accounts in LGT Bank in Liechtenstein in Germany. What I got was an evasive reply from the then Finance Minister.”

The BJP also referred to Transparency International’s comment that India had maintained “a stoic silence over the issue”, and said secret Indian money equalled 10 times country’s overseas debt, and 50 to 120 per cent of its GDP. Earlier, the NDA partner JDU had also made similar claims but now the entire alliance seems united on the issue, with Advani today saying what India could do with that much money: “It’s sufficient to waive off entire farmer debt; build world-class roads; eliminate power shortage and ensure potable water to all villages.”

The BJP leader described the matter as urgent, saying illicit money was a mix of political bribes, crime money and venal business. Here, he cited National Security Adviser MK Narayanan’s earlier comment that terror money could be operating through fund flows.

“If people elect us, we assure them of joining the global effort to end banking secrecy and getting back sovereign wealth of India,” Advani said.

Well, well, well.
At last our politicians are moving on the corruption front.
Better late than never.
Advani has promised to fulfil one of our demands that he
bring back all the tainted money stashed away in Switzerland
I just wonder, what he was doing this last six months.
The e-mails were doing the round for the last 6 months.
Why did they not take it up in parliament then?
No, because, their near and dear ones were involved.
Now that elections are here, they can promise us the moon and fail in all their promises and get away with it.
The next elections are 5 years away.
By that time the people will forget this promise, they hope.
People say
You can fool some of the people all the time
All the people some of the time but
You cannot fool all the people all the time.
Our politicians are trying the 3rd on us.
But what about our second demand that he declare that no criminals have been given tickets from his party to fight the elections?

Letter for Indian's

2009-08-18T06:51:00.000-07:00

LOOK WHERE OUR MONEY IS GOING????
>
>
> Revelation on Swiss Bank Accounts "who can save india
> no one knows where tax
> payer money is going "
>
>
> Revelation on Swiss Bank Accounts
>
>
> This is so shocking . . . . . wish black money deposits was
> an Olympics
> event . . . . . India would have won a gold medal hands
> down.
> The second best Russia has 4 times lesser deposit. US is
> not even there in
> the counting in top five !! *India** has more money in
> Swiss banks than all
> the other countries combined !!!!*
>
> Recently, due to international pressure, Swiss govt. agreed
> to disclose the
> names of the account holders only if the respective govts
> formally asked for
> it. Indian govt. is not asking for the details . .
> . . no marks for guessing why ????
>
> We need to start a movement to pressurise the govt. to do
> so !!
> This is perhaps the only way, and a golden opportunity, to
> expose the high
> and mighty and weed out corruption !!
>
> Please read on . . . . . and forward to all the honest
> Indians to . .. . .
> like somebody is forwarding to you . . . . . and build a
> ground-swell of
> support for action !!
> *Is **India** poor, who says? Ask Swiss banks With personal
> account deposit
> bank of $1500 billion in foreign reserve which have been
> misappropriated, an
> amount 13 times larger than the country's foreign debt,
> one needs to rethink
> if **India** is a poor country?.
> *
> DISHONEST INDUSTRIALISTS, scandalous politicians and
> corrupt IAS, IRS, IPS
> officers have deposited in foreign banks in their illegal
> personal accounts
> a sum of about $ 1500 billion, which have been
> misappropriated by them. This
> amount is about 13 times larger than the country's
> foreign debt. With this
> amount 45 crore poor people can get Rs 1,00,000 each.
> This huge amount has been appropriated from the people of
> India by
> exploiting and betraying them.
>
> Once this huge amount of black money & property comes
> back to India , the
> entire foreign debt can be repaid in 24 hours. After paying
> the entire
> foreign debt, we will have surplus amount, almost 12 times
> larger than the
> foreign debt. If this surplus amount is invested in
> earning interest, the amount of interest will be more than
> the annual budget
> of the Central government. So even if all the taxes are
> abolished, then also
> the Central government will be able to maintain the country
> very
> comfortably..
>
> Some 80,000 people travel to Switzerland every year, of
> whom 25,000 travel
> very frequently. 'Obviously, these people won't be
> tourists.
> They must be travelling there for some other reason,'
> believes an official
> involved in tracking illegal money. And, clearly, he
> isn't referring to the
> commerce ministry bureaucrats who've been flitting in
> and out of Geneva ever
> since the World Trade Organisation (WTO)
> negotiations went into a tailspin!
>
> Just read the following details and note how these
> dishonest industrialists,
> scandalous politicians, corrupt officers, cricketers, film
> actors, illegal
> sex trade and protected wildlife operators, to name just a
> few, sucked this
> country's wealth and prosperity. This may
> be the picture of deposits in Swiss banks only. What about
> other
> international banks?
>
> Black money in Swiss banks -- Swiss Banking Association
> report, 2006 details
> bank deposits in the territory of Switzerland by nationals
> of following
> countries :
>
> *Top Five
> 1. **India** ---- $1,456 billion
> 2. **Russia** ---$ 470 billion
> 3. **UK** -------$390 billion
> 4. **Ukraine** - $100 billion
> 5. **China** -----$ 96 billion
> Now do the maths - **India** with $1456 billion or $1.4
> trillion has more
> money in Swiss banks than rest of the world combined.
> *
> Public loot since 1947: Can we bring back our money? It is
> one of the
> biggest loots witnessed by mankind -- the loot of the Aam
> Aadmi (common man)
> since 1947, by his
> brethren occupying public office.
> It has been orchestrated by politicians, bureaucrats and
> some businessmen.
> The list is almost all-encompassing. No wonder, everyone in
> India loots with
> impunity and without any fear. What is even more depressing
> in that this
> ill-gotten wealth of ours has been stashed
> away abroad into secret bank accounts located in some of
> the world's best
> known tax havens. And to that extent the Indian economy has
> been stripped of
> its wealth.
>
> Ordinary Indians may not be exactly aware of how such
> secret accounts
> operate and what are the rules and regulations that go on
> to govern such tax
> havens. However, one may well be aware of 'Swiss bank
> accounts,' the
> shorthand for murky dealings, secrecy and of course
> pilferage from developing countries into rich developed
> ones.
>
> In fact, some finance experts and economists believe
> taxhavens to be a
> conspiracy of the western world against the poor countries.
> By allowing the
> proliferation of tax havens in the twentieth century, the
> western world
> explicitly encourages the movement of scarce capital
> from the developing countries to the rich.
>
> In March 2005, the Tax Justice Network (TJN) published a
> research finding
> demonstrating that $11.5 trillion of personal wealth was
> held offshore by
> rich individuals across the globe. The findings estimated
> that a large
> proportion of this wealth was managed from some 70 tax
> havens. Further,augmenting these studies of TJN, Raymond
> Baker -- in his
> widely celebrated book titled 'Capitalism' s
> Achilles Heel : Dirty Money and
> How to Renew the Free Market System' -- estimates that
> at least $5 trillion
> have been shifted out of poorer countries to the
> West since the mid-1970.
>
> It is further estimated by experts that 1 % of the
> world's population holds
> more than 57 % of total global wealth, routing it
> invariably through these
> tax havens. How much of this is from India is anybody's
> guess. What is to be
> noted here is that most of the wealth of Indians
> parked in these tax havens is illegitimate money acquired
> through corrupt
> means.
>
>
> Naturally, the secrecy associated with the bank accounts in
> such places is
> central to the issue, not their low tax rates as the term
> 'tax havens'
> suggests. Remember Bofors and how India could not trace the
> ultimate
> beneficiary of those transactions because of the secrecy
> associated with these bank accounts?
>
> *IS THERE ANY ONE WHO CAN SAVE **INDIA** ?*
>
>
> FORWARD THIS EMAIL TO ALL INDIANS
>
>
> --
>

Money Laundring India

2009-07-20T22:43:00.000-07:00

Lid off Pandora’s box in Hassan case
ED’s findings have disclosed Khan’s plan to finance a $500 million project of Khashoggi in a notarized document signed by him on 29 June 2003 in London
Khushboo Narayan

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Mumbai: Transactions running into hundreds of millions of dollars, more links with Saudi arms dealer Adnan Khashoggi, a close friendship with well-connected Kolkata businessman Kashinath Tapuriah, and at least a passing acquaintance with two politicians.
These are just some of the findings of an ongoing investigation by India’s Enforcement Directorate (ED) into Pune-based real estate consultant Hassan Ali Khan, who has been charged with violating Indian foreign exchange laws by holding $8 billion (nearly Rs39,000 crore) in an account in UBS AG, Zurich. ED, which began the investigation in 2007, suspects the money has been laundered.
Also See Khan’s Fast Lane (Graphic)
Based on the findings, ED— that investigates violations of the country’s foreign exchange laws—is preparing to issue another so-called show cause notice (basically a request for information, backed by a legal threat) to Khan, his alleged accomplice Philip Anandraj, a Switzerland-based hotelier, and Tapuriah.
“We will serve him (Khan) and his associates another show cause notice under Fema (India’s Foreign Exchange Management Act) within two months. However, investigations under money laundering case may take six months before we arrive at a conclusion,” said A.K. Singh, assistant director of ED, who led the investigation.
On 29 December, K.N. Rao, special director of ED, had issued a show cause notice to Khan for the violation of Fema by holding $8 billion in his UBS account in Zurich.
Also Read Swiss hotelier distances himself from stud-farm owner on the run
Swiss hotelier wins 1st round in $8 bn money laundering case
ED gets stay from Bombay HC on returning Anandraj’s passport
RBI recalls UBS banking licence
Singh claimed UBS may not be the only bank where Khan has stashed his money and that there could be three other foreign banks where he has done so. “ED is in the process of gathering information on his (Khan) bank accounts with Credit Suisse, Credit Lyonnais and Bank Sarasin in Switzerland.”
Singh’s investigation report, which has been reviewed by Mint, reads like a crime thriller. It refers to bank transactions across continents, and to efforts by Khan, whom it describes as a scrap dealer from Hyderabad who called himself “Nawab” and claimed to be the great grandson of the Diwan (prime minister) of the Nizam of Hyderabad, to buy a luxury hotel in Switzerland, and his dealings with Khashoggi.
Khan, who also owns a few race horses, declined comment. His wife, Reema Khan, said, “The investigation is on and my husband is fully cooperating with the agencies. We would not like to make any comment at this point of time.”
Tapuriah, who was questioned by ED in January 2007, said over phone from Kolkata that he was unwell and had been asked by his doctor not to strain himself. “Hence, I am not fit to talk to you.”
Khashoggi connection
ED’s findings have disclosed Khan’s plan to finance a $500 million project of Khashoggi in a notarized document signed by him on 29 June 2003 in London.
A notarized document is certified by a licensed public officer who serves as an impartial witness to the signing of documents and establishes the authenticity of the signatures.
According to the investigation report prepared by Singh, and previewed by Mint, Khan had written “a private and confidential letter to Prabhu Guptara, director organizational development at Wolfsberg Executive Development Centre, Switzerland—a subsidiary of UBS—and asked for assistance in clearing up a situation” after UBS AG froze an account belonging to Khan, following a $300 million transfer from Khashoggi, labelling them as “funds from weapon sales”.
While the report is silent on the nature of the Khashoggi venture in which Khan was expected to invest or, indeed, how he met the Saudi arms dealer, it says that Tapuriah and Khan first met in the late 1980s.
At the time, the report says, Tapuriah was chairman of Incab Industries and was visiting Hyderabad to raise funds to revive his sick company.
“Khan’s name was referred by A.S. Chowdhary, who was an MP (member of Parliament), and Vijay Bhaskar Reddy of Andhra Pradesh, and was told that he (Khan) could arrange finance/funds from his sources and resources,” the ED report said, quoting Tapuriah.
The friendship between the two grew, and the Kolkata businessman claims to have helped Khan win contracts “for supply of scrap to Steel Authority of India Ltd and Tata Steel Ltd”.
The report claims Khan had $8.04 billion in his UBS account as on 8 December 2006. The report quotes a letter written by M. Rohner, wealth management executive at UBS, in 2006 that said: “Khan can withdraw $6 billion and was free to invest this amount as and when he chooses to do so and that the balance amount of $2.04 billion would remain bound with UBS until 15 January 2007 and after which Khan was free to invest the same as and when he chooses to do so.”
While investigations against Khan began in January 2007, it was only in February 2008 that the Mumbai Police booked him—for holding three fake passports.
Following this, Khan filed an anticipatory bail application in the Bombay high court, which was rejected. He remained at large, however and on 30 April 2008, a Mumbai court declared Khan a “proclaimed offender” after he failed to appear for a hearing at the court. After eight months, Khan surrendered at a Mumbai police station on 15 December 2008.
On 2 January, Khan was granted bail by a court in the fake passport case on condition that he would not leave India and appear before ED every alternate day for a month.

Swiss

2009-07-20T22:33:00.000-07:00

Swiss India

2009-07-20T22:25:00.000-07:00

Swiss hotelier distances himself from stud-farm owner on the run
This week, a Mumbai court will hear the case of Hasan Ali Khan’s alleged accomplice Philip Anandraj, a Switzerland-based hotelier, who is asking for his passport back
Khushboo Narayan

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Mumbai: A case involving alleged money laundering to the extent of $8 billion has taken several fresh twists with one of the partners of the main accused, Pune stud-farm owner Hasan Ali Khan, claiming his innocence; the investigating agency looking to initiate action against Khan and another of his alleged accomplices, a well-connected Kolkata businessman; and talk of penalties as high as $6 billion.
This week, a Mumbai court will hear the case of Khan’s alleged accomplice Philip Anandraj, a Switzerland-based hotelier, who is asking for his passport back. And likely, his reputation, too.
ALSO READ
UBS given a clean chit, banking licence
UBS deal died over unexplained money
RBI recalls UBS banking licence
Money laundering cloud over UBS deal
In a new development in the investigation of Khan, accused of stashing $8 billion in his Swiss bank accounts and money laundering, Anandraj has moved a Mumbai court against the Enforcement Directorate (ED), the government agency that investigates economic crimes. ED claims to have in its possession conclusive evidence to prove Anandraj’s association with Khan.
The court will hear the case this week.
“We have found that Khan has given the power of attorney to operate his five lockers with Barclays Bank Plc. in UK to Anandraj,” a top ED official in Mumbai, who spoke on condition of anonymity, said in an interview with Mint. “ED is in talks with the UK government to get details of these lockers.”
Plot thickens: Hasan Ali Khan.As the authorities continue to search for Khan, who sought bail and then disappeared after it was denied, they also look to gather more information from his many bank accounts and elusive contacts. The investigation has uncovered hundreds of millions of dollars potentially laundered—meaning, money transferring hands with the identities or locations of the parties unknown—and links to at least one arms dealer. But the reticence of key witnesses to speak has hampered the investigation, ED says.
Anandraj has denied any involvement in the case, and says he wants his passport, seized by the agency, back. Asked for comment, Anandraj’s advocate P. Janardhan said: “I am not allowed to speak on this since the case is pending in the court.”
ED says investigations have revealed that Anandraj was assisting Khan and his family to obtain Swiss citizenship and a work permit, but efforts fell apart midway as Indian authorities launched an investigation last year.
The same ED official also told Mint that another close partner of Khan, Kolkata-based industrialist Kashinath Tapuriah, has been reluctant to cooperate with the agency, which is slowing the investigation of the intricate multinational trail of money transfers from Khan’s international accounts.
“Tapuriah knows everything but is not cooperating with our investigations and not revealing relevant information,” said the official. “Every time we approach him, he falls sick.”
When asked for comment by Mint, Tapuriah sent a text message, saying: “I would have been happy to talk to you but unfortunately (I have) been quite unwell for last few months and doctors have advised me rest.”
The agency has recorded Tapuriah’s statement, but the information is “insufficient for investigation”, said the official.
According to people familiar with the development, the agency is in the process of issuing a show-cause notice to Khan and Tapuriah under the Foreign Exchange Management Act, or FEMA, asking them to give reasons why they should not be penalized. The penalty on Khan could be as much as $6 billion.
In June, ED officials met Tapuriah, the former owner of Incab Industries Ltd and brother of the late Priyamvada Birla, who ran the MP Birla Group after M.P. Birla’s death.
So far, 17 foreign bank accounts of Khan and his associates, including Tapuriah and his wife, Chandrika Tapuriah, face an ED enquiry. However, the agency has transaction details of only four international bank accounts.
Besides Anandraj’s passport, the agency is also holding the passports of Khan, his wife Rheema, and Tapuriah.
“We have not been able to attach Khan’s property in India because they are in his wife’s name,” said the same ED official. “However, the income-tax department can attach the property of Khan’s wife because she had not been filing her returns.”
Earlier in February, Mumbai police booked Khan for holding three fake passports. Following this, Khan filed an anticipatory bail application in the Bombay high court, but it was rejected.
On 30 April, a Mumbai court declared Khan a proclaimed offender after he failed to turn up. Since then, the Mumbai police have not been able to trace Khan.
Mint reported in a 2 February article that ED claimed to have found $8 billion in the Swiss bank accounts of Khan. ED also said it had evidence of a $300 million transfer to him, via a Chase Manhattan Bank account in New York, from billionaire Saudi arms dealer Adnan Khashoggi.

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2009-07-20T22:14:00.000-07:00

Swiss hotelier wins 1st round in $8 bn money laundering case
The court has asked ED to return the passport of Philip Anandraj, an alleged accomplice of Hasan Ali Khan, the Pune stud-farm owner allegedly involved in laundering $8 billion
Khushboo Narayan

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Mumbai: The Enforcement Directorate (ED), the agency that investigates economic crimes in the country, has lost the first round in its legal battle against Switzerland-based hotelier Philip Anandraj, an alleged accomplice of Hasan Ali Khan, the Pune stud-farm owner allegedly involved in laundering $8 billion (Rs33,920 crore).
The Mumbai sessions court on 8 August asked ED to return the passport of Anandraj that had been seized by the agency. The hotelier, denying any involvement in the money laundering case, moved the court against ED on 29 July for the return of his passport.
On the run: Hasan Ali Khan
“We will move the (Bombay) high court against the order next week,” said a senior ED official who did not wish to be named.
According to Anandraj’s lawyer, P. Janardhan, his client has not committed any offence. “In 2003, my client (Anandraj) introduced Khan to the owner of a hotel in Lucerne in Switzerland that Khan wanted to buy,” he said. “Negotiations took place but the deal was not struck as there was no money in Khan’s (bank) account.”
Janardhan also alleged that Khan borrowed $500,000 from Anandraj but never returned the money.
“In 2006, when Anandraj came to India to get his money back, ED seized Anandraj’s passport and laptop, which had details of the Swiss hotel deal and Khan’s bank accounts,” he said. “We have submitted all supporting documents based on which the court has passed the order.”
Mint reported on 4 August that ED claimed to have in its possession conclusive evidence to prove Anandraj’s association with Khan. “We have found that Khan has given the power of attorney to operate his five lockers with Barclays Bank Plc. in the UK to Anandraj,” a top ED official in Mumbai, who spoke on condition of anonymity, had then said in an interview. “ED is in talks with the UK government to get details of these lockers.”
ED also said investigations revealed that Anandraj was assisting Khan and his family to obtain Swiss citizenship and a work permit, but efforts fell apart midway as Indian authorities launched an investigation last year.
The same ED official had also said that another close partner of Khan, Kolkata-based industrialist Kashinath Tapuriah, had been reluctant to cooperate with the agency, which is slowing the investigation of the intricate multinational trail of money transfers from Khan’s international accounts.
Earlier in February, the Mumbai police had booked Khan for holding three fake passports. Following this, Khan filed an anticipatory bail application in the Bombay high court, but it was rejected.
On 30 April, a Mumbai court declared Khan a proclaimed offender after he failed to turn up. Since then, the Mumbai police has not been able to trace Khan.
Mint reported in a 2 February article that ED claimed to have found $8 billion in the Swiss bank accounts of Khan. ED also said it had evidence of a $300 million transfer to him via a Chase Manhattan Bank account in New York, from billionaire Saudi arms dealer Adnan Khashoggi.

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2008-10-17T23:24:00.000-07:00

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