I got the "swish-swish" noise on my 120d aswell. I have a late 2011 build. When I had my car in for service I told them about this noise and asked them to have a look. Happy to report now that they took it seriuosly and acknowledged that there is indeed a noise not supposed to be there. They filed a case with germany and now car is booked for two days at the workshop for timing-chain related job. So thumbs up for bmw this time!
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