How A Rapper Allegedly Scammed A Swiss Bank

How A Rapper Allegedly Scammed A Swiss Bank

You may have heard of Swagg Man, the French-Tunisian rapper who flaunts his lavish lifestyle on social media.

He has millions of followers, tattoos of luxury brands on his head, and a rap career that spans over a decade.

But did you know that he is also accused of scamming a Swiss bank and his own fans out of millions of dollars?

In this article, I will reveal the shocking truth behind Swagg Man’s rise and fall, and how he allegedly pulled off one of the biggest frauds in hip-hop history.

Who Is The Swagg Man?

Swagg Man, whose real name is Iteb Zaibet, was born in Nice, France, in 1986.

He claims to be an orphan who made his fortune by investing in real estate and the stock market.

Swagg Man started rapping in 2008, and released his first album, Swagg Man Posey, in 2013.

He became famous for his eccentric style, his catchy songs, and his extravagant videos, where he shows off his cars, jewelry, and money.

Swagg Man also became a social media sensation, with over two million followers on Facebook and Instagram.

He often posts pictures and videos of himself with celebrities, such as Rihanna, Justin Bieber, and Kim Kardashian.

He also claims to be a philanthropist, who donates money to orphanages and hospitals in Africa.

But behind his glamorous image, Swagg Man hides a dark secret.

He is allegedly a mastermind of a massive fraud scheme, that involves a Swiss bank, a mysterious contract, and hundreds of fans who trusted him with their savings.

How did he scam a Swiss bank?

The story begins in December 2018, when Swagg Man went to a branch of Raiffeisen, the third-largest Swiss bank, in Lugano.

He presented himself as a wealthy rapper and investor, who wanted to open an account and deposit 10 million euros.

He showed the bank manager a contract, signed by a certain David S., who claimed to be the director of a company called D.S. Entertainment.

The contract stated that Swagg Man had sold his image rights to D.S. Entertainment for 10 million euros, and that the company would pay him a monthly fee of 100,000 euros for the next 10 years.

The bank manager was impressed by the contract, and agreed to open the account for Swagg Man. He also gave him a credit card, with a limit of 500,000 euros.

Swagg Man then proceeded to withdraw money from the account, using the credit card and wire transfers.

He spent about 704,000 euros in less than a month, buying luxury goods, renting hotels, and flying in private jets.

He also transferred money to his accounts in France and Tunisia, where he owns several properties.

But there was a problem. The contract that Swagg Man showed to the bank was fake.

David S. did not exist, and neither did D.S. Entertainment.

The bank manager had been duped by a forged document, that Swagg Man had created himself.

When the bank realized the fraud, it alerted the Swiss authorities, who issued an arrest warrant for Swagg Man.

How A Rapper Allegedly Scammed A Swiss Bank
How A Rapper Allegedly Scammed A Swiss Bank

How did he scam his fans?

But the Swiss bank was not the only victim of Swagg Man’s scam.

He also targeted his own fans, who admired him and believed in his success story.

Swagg Man used his social media platforms to lure them into a trap, promising them huge returns on their investments.

He claimed that he had a secret project, that would make him and his fans rich.

He said that he needed money to finance the project, and that he would pay back his fans with interest.

Swagg Man also said that he would give them exclusive access to his new album, his concerts, and his merchandise.

He asked his fans to send him money through Western Union, MoneyGram, or PayPal, and to send him a proof of payment.

He also asked them to send him their personal information, such as their names, addresses, phone numbers, and bank details.

Swagg Man said that he would contact them once the project was completed, and that they would receive their money and rewards.

But of course, there was no secret project.

Swagg Man was just using his fans’ money to fund his lavish lifestyle, and to pay off his debts.

He never contacted his fans again, and blocked them from his social media accounts.

He also threatened them with legal action, if they tried to expose him or ask for their money back.

According to the French authorities, Swagg Man scammed at least 21 fans, who collectively lost about 1.5 million euros.

Some of them were orphans, students, or unemployed, who had trusted Swagg Man with their life savings.

Some of them even went into debt, or sold their belongings, to give money to Swagg Man.

What happened to him?

Swagg Man’s scam came to an end in July 2019, when he was arrested in Tunisia, where he had fled after the Swiss warrant.

He was charged with money laundering and fraud, and remanded in custody in a Tunisian prison.

He denied the charges, and claimed that he was innocent.

In March 2021, he was sentenced to five years in prison by the court of first instance of Tunis.

The court also fined him 100,000 dinars, and confiscated his assets, worth about 6 million euros.

However, in January 2022, he appealed the verdict, and was acquitted by the court of appeal of Tunis.

The judge dismissed the case, based on the same fake contract that Swagg Man had used to scam the Swiss bank.

Swagg Man was also wanted in France, where he faced similar charges of fraud and money laundering.

But in February 2022, his arrest warrant in France was also withdrawn, due to insufficient evidence to indict him.

He claimed that he was exonerated, and that he would sue anyone who accused him of fraud.

Swagg Man is now free, and back on social media, where he continues to flaunt his wealth and fame.

He has not apologized to his victims, nor refunded their money.

He has not faced any consequences for his actions, and he seems to have gotten away with his scam.

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