Thread: Legal Actions by the Malaysian Govt.

We thank this latest contribution received by our Moderator theBat$ concerning recent and ongoing swoops made on several locations in Malaysia.

Please note the serious consequences that are imposed should one be found contravening the banning of unregulated operations or programs that have gripped many pockets to near bankruptcy resulting from being scammed by unauthorised set ups!!!

The Admins.


Link to site: Access to sites cut in crackdown on Internet scams

Access to sites cut in crackdown on Internet scams

06/13/07 - The Staronline reports.

KUALA LUMPUR: The authorities have started a crackdown on cyber scams, blocking access to six illegal investment websites and raiding the offices of an Internet firm in the Klang Valley.

In a press statement released yesterday, the Securities Commission said the six websites were The ABB Group - Automation and Power Technologies or www.abfund.us, www.cfdventure.com, Swedenmutualfund, www.uebond.com, www.esuissefund.com or www.efmf.com.pa and Home.

“SC will continue to work with Bank Negara, the Malaysian Communications Multimedia Commission (MCMC) and CyberSecurity Malaysia to track, identify and block access to websites promoting investment scams.

“It will take all measures to fight illegal investment activities, including taking enforcement action against operators and agents of illegal investment websites,” the statement said.

In the next few months, more scam websites will be blocked. The SC has identified some 60 websites that are involved in illegal cyber investments.

Bank Negara and the SC have begun joint operations with the police in tracking down such illegal e-investment activities.

On Monday, a raid was conducted on several AB Fund offices in the Klang Valley for suspected illegal deposit-taking and investment activities.

It was learnt that documents, equipment and servers were among the items confiscated from the premises, while statements were also taken from its employees.

An illegal deposit-taking operator can be jailed up to 10 years or fined RM10mil, or both, the statement said.

Recently, thousands of Malaysians were believed to have lost several million ringgit in an “investment” scheme known as buy-e-barrel, which closed down abruptly.

The scheme offered daily interest of between 2% and 3% for an investment of between US$100 (RM345) and US$2,000 (RM6,900).

Last year, two Datuks and six others were placed under remand to aid in investigations into a get-rich-quick scheme that allegedly promised “huge returns for a minimum investment”.

The alleged scam, known as SwissCash or Swiss Mutual Fund, claimed that investors’ funds were channelled to business activities ranging from oil exploration to shipping and agriculture in the Caribbean.

Investors were required to pay a registration fee of US$30 (RM103.50) to join the scheme, which allegedly offered huge returns for a minimum investment of US$100 .

The public are advised to refer to the SC’s Frequently Asked Questions: “Do Not Invest in Illegal Internet Investment Schemes” available at Securities Commission, Malaysia.

Investors who are still participating in such illegal investment schemes via the Internet have been reminded to withdraw their investments and terminate their accounts immediately as they would not be able to access their accounts once the websites are blocked

Link to site: Access to sites cut in crackdown on Internet scams

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.

no understand