Pressure is growing from 29,000 Chinese investors who claim they were scammed out of US$1.2 billion by API Permiere Swiss Trust AG after the company promised returns as high as 10% a month from currency trading, Bloomberg reported, citing testimony and documents from six of the victims. “We wanted to know the truth,” said Chen Biya, an advertising agency owner from Beijing who flew to Geneva in late March with two dozen fellow investors to try to recover millions that had disappeared from their accounts in January. Geneva’s public prosecutor confirmed it is investigating API and an associated company.
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