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Malaysia's 1MDB scandal involved 'Ponzi scheme': Swiss prosecutor

Oct 05. 2016
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GENEVA - Switzerland said Wednesday it had widened its probe into Malaysia's scandal-tainted state investment fund, 1MDB, with transactions worth $800 million under scrutiny and evidence pointing to fraud through "a Ponzi scheme".
"On analysing the evidence obtained, the (attorney general) identified further suspect transactions involving the Swiss financial sector... The sum of USD 800 million (712 million euros) appears to have been misappropriated," a statement from the Swiss attorney general's office said. 
It added that investigations showed 1MDB assets had passed through a Singapore-based fund in fraudulent transactions "committed based on a form of 'Ponzi' scheme".

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