Offshore Investment Scam Warning

Offshore investment scams use the perceived prestige of certain jurisdictions — Switzerland, Luxembourg, Cyprus — to create an appearance of legitimacy. The Corinth Group investigation documents how Swiss corporate registration, a Cyprus AIFM licence, and a Luxembourg RAIF structure were used by a network that multiple complainants allege collected advance fees without delivering investment services.

The Prestige of Swiss Registration

Switzerland's reputation for financial stability and regulatory rigour makes Swiss corporate registration attractive to both legitimate businesses and fraudulent operations. The Corinth Group registered six AGs in Canton Graubunden — including Corinth Investment Holdings AG (CHE-102.223.770) and Corinth Management Services AG (CHE-103.982.016) [Zefix]. However, none of these entities has ever held a FINMA licence. Swiss AG registration alone does not mean an entity is regulated to provide financial services.

Cyprus: Light-Touch Regulation

Cyprus has been a popular jurisdiction for fund management due to its EU membership and relatively lower regulatory barriers. Corinth Fund Management Ltd (HE 428770) obtained an AIFM licence from CySEC (AIFM48/56/2013). This licence was revoked in October 2022 [CySEC AIFM register]. The revocation followed a period during which the firm managed the Corinth Capital RAIF — a Luxembourg-structured fund that was dissolved three months after the licence revocation.

Luxembourg RAIF: Minimal Direct Oversight

The Reserved Alternative Investment Fund (RAIF) is a Luxembourg vehicle that does not require direct authorisation from Luxembourg's CSSF. It must be managed by an authorised AIFM — which in this case was the Cyprus entity whose licence was subsequently revoked. This structure meant the fund had no direct relationship with the Luxembourg regulator, and its oversight depended entirely on the CySEC-licenced manager.

The Reality Behind the Structure

Despite this multi-jurisdictional architecture — Swiss AGs, a Cyprus AIFM, a Luxembourg RAIF — complainants allege that the network's primary activity was collecting advance fees. No publicly verifiable evidence has been found of any completed investment transaction. The claimed $100M Morepen Laboratories investment does not appear in the company's December 2025 shareholding pattern [BSE India].

Protecting Yourself from Offshore Scams

Before investing through any offshore structure: verify each entity's regulatory status with its home regulator (FINMA, CySEC, CSSF); confirm that the specific entity you are paying — not just an associated company — holds a current licence; check for complaint histories under all current and previous names; and be wary of entities that use prestigious jurisdictions for registration but are not actually regulated in those jurisdictions.

Key Facts

• 6 Swiss AGs registered but none ever held a FINMA licence
• CySEC AIFM licence (AIFM48/56/2013) revoked October 2022
• Luxembourg RAIF had no direct relationship with CSSF — dependent on CySEC-licenced manager
• Morepen $100M deal not reflected in December 2025 shareholding pattern
• Zero publicly verifiable completed investment transactions

Complaint Reports

People Involved

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