SC Blocks New Swisscash Website

September 13, 2007 21:24 PM

SC Blocks New Swisscash Website

KUALA LUMPUR, Sept 13 (Bernama) -- The Securities Commission together with the Malaysian Communications and Multimedia Commission and CyberSecurity Malaysia have blocked access to a new Swisscash website.

Swisscash, an illegal investment scheme promoted by Swiss Mutual Fund, recently surfaced on the Internet via its new website -- www.swisscashguid.com, amidst the commission's proactive and on-going efforts to block such illegal investment websites.

In a statement here Thursday, SC said that the latest move brings to four the number of websites related to Swisscash that have been blocked by the SC as part of its efforts to combat illegal investment schemes.

Earlier in June, the commission blocked three such websites namely www.swisscash.net, www.swisscash.biz and www.swissmutualfund.biz.

SC also reminded investors that both Swiss Mutual Fund and Swisscash are not licensed by the commission and the activities of these schemes have been declared illegal in several countries such as Jamaica and China.

It said the public should not be taken in by assurances of the scam's operators and agents that the promised returns will be paid through short messaging service (SMS) or mail, or once the websites are unblocked.

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

On the civil suit filed by the SC against the persons behind Swisscash, the court is scheduled to hear on Sept 24 the inter parte Mareva injunction together with an application filed by the SC for orders directing one of the defendants, Amir Hassan to transfer his overseas monies back to Malaysia.

On June 21, this year, the SC obtained a worldwide Mareva injunction against persons involved in the Swisscash investment scam, preventing them from disposing their assets in and outside of Malaysia.

The Mareva requires the defendants to disclose information pertaining to all their assets in and outside of Malaysia, the companies they have incorporated, and the bank accounts they operate.

The other defendants in the civil suit are Albert Lee Kee Sien, Kelvin Choo Mun Hoe, Dynamic Revolution Sdn Bhd, Swiss Mutual Fund (1948) S.A, SMF International Ltd and SMF (1948) International Ltd.

-- BERNAMA

Source : http://bernama.com/bernama/v3/news_business.php?id=284995