Swiss AG says 1MDB used as Ponzi scheme to bribe officials

From left: Attorney-General Tommy Thomas, Finance Minister Lim Guan Eng and Swiss Attorney-General Michael Lauber during their meeting on Tuesday (July 10).

KUALA LUMPUR: Malaysia’s 1MDB economic development fund was used as a Ponzi scheme by a clutch of conspirators to pay bribes and enrich themselves, Switzerland’s top prosecutor said days after former Malaysian Prime Minister Datuk Seri Najib Tun Razak was charged with corruption for his role in the affair.

Swiss authorities are now investigating six people for their alleged involvement in the multi-billion dollar 1MDB scandal and two Swiss banks – Falcon Private Bank and BSI SA – remain under suspicion, Swiss Attorney General Michael Lauber told reporters yesterday in Putrajaya following a meeting with his Malaysian counterpart Tommy Thomas.