Swiss widen probe into Malaysian 1MDB fund...

Switzerland says it has 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".

The Swiss attorney general’s office (OAG) opened an investigation into the troubled1Malaysia Development Berhad (1MDB) in August 2015 following allegations that some of the money allegedly stolen from the fund had passed through Swiss banks.

Citing new evidence, the attorney general's office said in a statement it had "identified further suspect transactions involving the Swiss financial sector".

"The sum of USD 800 million (712 million euros) appears to have been misappropriated," the statement further said.

It added that investigations showed 1MDB assets had passed through a Malaysian company called SRC in fraudulent transactions "based on a form of 'Ponzi' scheme".

 Four individuals and one bank are currently targeted in the Swiss 1MDB probe. Full story...

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