Pyramid-like investment scam hits S'pore

TODAYonline, Business, Wednesday, January 24, 2007
Chow Penn Nee
pennnee@mediacorp.com.sg

An investment scam that has been making the rounds in Malaysia has hit Singapore, too. Known as SwissCash or Swiss Mutual Fund, it promises huge returns for a minimum investment of US$1,000 ($1,500).

Marketed through the Internet, the SwissCash website claims that investors can achieve a total of 300 per cent returns in 15 months, or average returns of 25 to 45 per cent per month, through investments in commodities, for exchange and equities.

The firm, Swiss Mutual Fund, is an offshore investment company headquartered in the Commonwealth of Dominica, according to its website www.swissmutualfund.biz.

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. The Swiss Embassy and Central Bank in Malaysia have both issued warnings to investors about the scheme.

The Monetary Authority of Singapore (MAS) has confirmed that Swiss Cash or Swiss Mutual Fund is included in the MAS' Investor Alert List (IAL). This is a list of companies or individuals that may be conducting activities not regulated by the MAS.

The list can be found at www.moneysense.gov.sg/check_our_list/Consumer_Portal_IAL.html.

By giving Singaporean investors the false impression that they are operating in Singapore or by sometimes using names similar to entities regulated by the MAS, these companies are able to attract Singapore consumers, the MAS' website said.

Consumers who deal with firms that are not regulated by the MAS will not get recourse to compensation if they lose money on their investments, the central bank said.

The Swiss Embassy here is also aware of the scam in Singapore, and has posted notices on its website advising against Swiss Cash as an investment. On its website, the embassy said that the company uses the word "Swiss" illegally. "The Swiss Mutual Fund (1948) and or Swiss Cash are not registered companies in Switzerland."

It added that the promotion of the fund seems to work via agents on a multi-level marketing or MLM system, which appears to closely resemble a pyramid scheme.

Mr Rolf Frei, Deputy Head of Mission at the Swiss Embassy, told Today that it had received three to four enquiries on the investment scheme since half a year ago.

Whois lookup for swisscash.biz.
Domain Name: SWISSCASH.BIZ
Domain ID: D10113014-BIZ
Sponsoring Registrar: REGISTERFLY.COM, INC.
Sponsoring Registrar IANA ID: 821
Domain Status: ok
Registrant ID: DI_3119403
Registrant Name: Michael Mansfield
Registrant Organization: Swiss Mutual Fund 1948 Ltd
Registrant Address1: P. O. Box 2342
Registrant City: Roseau
Registrant State/Province: NA
Registrant Postal Code: 10000
Registrant Country: Dominica
Registrant Country Code: DM
Registrant Phone Number: +1.12123865570
Registrant Facsimile Number: +1.12123865573
Registrant Email: service@swisscash.biz
Administrative Contact ID: DI_3119403
Administrative Contact Name: Michael Mansfield
Administrative Contact Organization: Swiss Mutual Fund 1948 Ltd
Administrative Contact Address1: P. O. Box 2342
Administrative Contact City: Roseau
Administrative Contact State/Province: NA
Administrative Contact Postal Code: 10000
Administrative Contact Country: Dominica
Administrative Contact Country Code: DM
Administrative Contact Phone Number: +1.12123865570
Administrative Contact Facsimile Number: +1.12123865573
Administrative Contact Email: service@swisscash.biz
Billing Contact ID: DI_3119403
Billing Contact Name: Michael Mansfield
Billing Contact Organization: Swiss Mutual Fund 1948 Ltd
Billing Contact Address1: P. O. Box 2342
Billing Contact City: Roseau
Billing Contact State/Province: NA
Billing Contact Postal Code: 10000
Billing Contact Country: Dominica
Billing Contact Country Code: DM
Billing Contact Phone Number: +1.12123865570
Billing Contact Facsimile Number: +1.12123865573
Billing Contact Email: service@swisscash.biz
Technical Contact ID: DI_3119404
Technical Contact Name: Michael Michael
Technical Contact Organization: Swiss Mutual Fund 1948 Ltd
Technical Contact Address1: P. O. Box 2342
Technical Contact City: Roseau
Technical Contact State/Province: NA
Technical Contact Postal Code: 10000
Technical Contact Country: Dominica
Technical Contact Country Code: DM
Technical Contact Phone Number: +1.12123865570
Technical Contact Facsimile Number: +1.12123865573
Technical Contact Email: service@swisscash.biz
Name Server: UDNS11.PROLEXIC.NET
Name Server: UDNS12.PROLEXIC.NET
Created by Registrar: ENOM, INC.
Last Updated by Registrar: REGISTERFLY.COM, INC.
Last Transferred Date: Tue Feb 07 16:02:18 GMT 2006
Domain Registration Date: Thu Jun 16 11:40:59 GMT 2005
Domain Expiration Date: Tue Jun 15 23:59:59 GMT 2010
Domain Last Updated Date: Sat Dec 09 10:14:32 GMT 2006

>>>> Whois database was last updated on: Wed Jan 24 09:33:20 GMT 2007 <<<<