Kuala Lumpur , 10 July 2007

Two more investment scam websites blocked, SC obtains international Mareva injunction against Swisscash

The Securities Commission (SC), in collaboration with the Malaysian Communications and Multimedia Commission and CyberSecurity Malaysia (formerly known as NISER), has blocked access to another two websites offering illegal investment schemes to the public in Malaysia.
The two websites, which have been blocked are:

  • www.eaindex.com
  • www.winlifund.com

With this latest move, a total of 10 websites have been blocked thus far. This exercise is an ongoing process, with more websites to be blocked as the SC continues its investigations.
The SC warns that the same action will be taken against ‘mirror’ websites created by operators following the blocking of access to their main websites. Hence, investors who are still participating in illegal Internet investment schemes via these ‘mirror’ websites are advised to withdraw their investments immediately. Investors will not be able to access their accounts once these websites have been blocked.
Meanwhile, in a milestone enforcement action against investment scams, the SC had on 21 June 2007 obtained a worldwide Mareva injunction (Mareva) against persons involved in the Swisscash internet investment scheme, preventing them from disposing their assets in and outside of Malaysia.
The Mareva was sought by the SC following the filing of a civil suit against defendants Albert Lee Kee Sien, Kelvin Choo Mun Hoe, Amir bin Hassan, Dynamic Revolution Sdn Bhd, Swiss Mutual Fund (1948) S.A., SMF International Limited and SMF (1948) International Limited.
The Mareva, which can be viewed here (pdf – 418KB), restrains and prohibits the defendants from:

  • carrying on the business of Swisscash,
  • targeting, soliciting and/or collecting funds from the public for investments in Swisscash or any other internet investment scheme, and
  • hosting or operating the Swisscash websites or operating any other such websites which solicit investments for Swisscash or any other internet investment scheme.

The Mareva also 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 SC secured the Mareva following its investigation on the scheme under the Securities Industry Act 1983 and the Anti-Money Laundering and Anti-Terrorism Financing Act 2001.
The SC will continue to take all measures to combat investment scams including taking appropriate enforcement action against operators and agents of illegal investment websites.
Members of the public are reminded that they should only invest with parties licensed by the SC to be accorded the protection provided under the securities laws. Lists of companies and individuals licensed by the SC to engage in investment activity are available at the SC website.
The public is also advised to refer to the SC’s Frequently Asked Questions: “Do Not Invest in Illegal Internet Investment Schemes” available here.