Exactly one year ago, Meshio.Com did a little coverage on this notorious Swiss Mutual Fund scam.
Today, Wikipedia points us to something that truly resonates with the culture of getting rich quick here in Malaysia.
There have been allegations that the Swiss Mutual Fund is a Pyramid Scheme, with victims predominantly in Malaysia. The Central Bank of Malaysia has issued warnings regarding Swiss Mutual Fund’s legitimacy, and have advised investors to avoid the company and its subsidiaries. The Monetary Authority of Singapore has placed Swiss Mutual Fund in their Investor Alert List.
Source: Wikepedia
And TodayOnline shares with us how much these scammers made from the gullibles…
In Malaysia, about 40 investors are believed to have fallen prey to the scam. According to reports, eight men are helping police in their investigations into alleged cheating of about RM20 million ($8.7 million) through the Swiss Cash fund, in October last year.
Source: Today Online
It’s probably just another sign that there’s too much “liquidity” going around :-P
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