Here we go again…another scam, this time disguised under the face of investment trust fund. Now, I am particularly uneasy about this one, since it directly affects the industry I am representing. Individuals who are not well-informed might easily assume that this Swiss Mutual Fund thing is an approved Fund Management body under the FMUTM and Security Commission watchful eyes. You are on your own if you are putting your hard-earned ringgit on this one.
Here’s their website: www.swissmutualfund.biz/
At first, Maybank was rather dissed at being associated with them.
Now, as news of unrealistic gains and returns are traveling fast, our media caught hold of some information that can help you to make a more informed-decision.
The Star Online warning readers to be wary of ‘Swiss’ website…
A man, who runs a local website and claimed to have invested US$50,000 (RM189,300) in the fund, told The Star that he had obtained a return of 300% in 15 months.He said a company that has its headquarters in the Dominican Republic manages the fund.
“The minimum investment is US$100 (RM379) while its maximum is US$100,000 (RM379,000),� he said.
“To invest in the fund, one has to pay US$30 (RM113.60), a one-time registration fee. However, the registration fee must be wired through a bank to the company in the United States.�
He said there would be a 10% return in one to three months.
And what other sources is better than coming from the Swiss country folks themselves?
Via the Embassy of Switzerland…
It has come to the attention of the Embassy, that there is a very aggressive selling taking place in Malaysia to promote an investment fund scheme called Swiss Cash or Swiss Mutual Fund 1948.
Every serious Internet User is aware of the fact, that anything can be said, promised and advertised on the Internet completely uncontrolled. There is a tremendous amount of good and useful information, but unfortunately the Internet is also a breeding place of a lot of misleading sometimes even fraudulent information. It is therefore always wise to do some research.
The Swiss Mutual Fund (1948) and or Swiss Cash are not registered companies in Switzerland. Until proof of the contrary, the Embassy doubts that the remarks about these funds and their historic links to Switzerland as outlined on their original website are genuine.
The original website is indeed registered in the USA and the contact telephone number is from New Jersey (USA). It is obvious that this company uses the denomination “Swiss� in an illegal and fraudulent way to attract customers.
Moreover, the promotion of the fund seems to work via agents on a MLM system which appears to be close to a Pyramid scheme. Pyramid schemes are illegal in Switzerland.
The Embassy does therefore not recommend these funds as an investment opportunity.
So, if you are still going to go ahead and looking forward for that 20% a month return after reading this, you have my blessings…
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September 3, 2007 at 9:21 am
[...] Exactly one year ago, Meshio.Com did a little coverage on this notorious Swiss Mutual Fund scam. [...]