« The Love Of Money | Home | Why Should We Write For FREE!!! Get Paid by Readers Instead! »
RM35 million swisscash monies held overseas ordered to be transferred back to Malaysia.
That was an order issued by Securities Commission Malaysia on 29th September 2007. In fact, it dashes the hopes of many global investors, Malaysian investors in particular, in this scheme called swisscash, many of them waited anxiously for Oct 1 2007 to come, a date set to be the time for them to withdraw their investment.
Swisscash is believed to be a HYIP scheme in which the so called Swiss Mutual Fund invest billions of investors’ monies into High Yield Investment Projects and share very high returns to the investors. The scheme purportedly started in Switzerland, under the investment group Swiss Mutual Fund (which promised to pay 10% of the principal sum monthly for the first 3 months, 15% next 3 months, 20% next 3 months, 25% next 3 months and 30% the remaining 3 months for a total of 300% of the principal sum) attracted many investors right at the beginning. Looking at the nature of the paid out, the scheme has a strong hint of a ponzi scheme, yet many people including myself fall victims to such investment. Sad to say, I defended myself then that I have done my due diligence. In the process, what do I learn of money? What do I learn of myself? Losing some US$20,000 is hard to swallow, being party to causing friends to lose their monies is harder to stomach in. The cruel fact is they have trusted me!
Time will tell what I have or have not learned from this.
Leave a Comment