The judgment, entered with Albert Lee Kee Sien and Amir Hassan, marked the culmination of three years of intensive efforts by the SC in pursuing the perpetrators of the Swisscash scam which involved cross-border investigations spanning seven countries and cooperation from foreign regulators. So far, some 3,000 people have lodged complaints to the SC alleging losses in the scheme.

The restitution will be carried out based on a court approved distribution plan. Once the court’s approval has been obtained, an administrator appointed by the SC will manage the processing of claims.

In order to be eligible for the restitution, investors must produce documentary proof of their principal investments. Other criteria include whether they continued to invest in the scheme despite the SC’s warnings. Investors who were also recruiters or upliners in the scheme would not be eligible. The SC will soon publish a notice setting out the process for Swisscash investors who have yet to register their claims.