Greed, false confidence drove MBI scheme, says fund manager [WATCH]
KUALA LUMPUR: The now-defunct Mobility Beyond Imagination (MBI) investment scheme thrived for years by feeding off investor greed and projecting a façade of legitimacy through physical assets, says fund manager Neoh Jia Man.
Speaking to the New Straits Times' Beyond the Headlines, Neoh, of Tradeview Capital, said investors are often aware of the risks behind schemes promising high returns — but greed frequently overrides sound judgment.
"People who invest in these schemes are often well-informed, but they still fall for promises that are simply too good to be true," he said.
Neoh added that MBI stood out from other scams because it was backed by a wide range of physical assets, including shopping malls, hotels, property projects and even durian orchards.
"These tangible assets gave investors a false sense of security. Unlike other schemes based purely on digital or virtual offerings, MBI's real-world presence gave the illusion of credibility," he said.
He added that some investors may have suspected the scheme was unsustainable, but stayed on as long as the payouts kept coming.
"They were blinded by greed. There's also the belief that because the company had so many visible assets, the money game could last longer than others — and in MBI's case, it did."
Authorities believe the MBI scheme defrauded more than 11 million people. Police have since identified billions more in assets potentially linked to the scam.
On April 11, four 'Datuks' — including two lawyers — were among eight people arrested in connection with MBI.
Inspector-General of Police Tan Sri Razarudin Husain said the federal police's Anti-Money Laundering Unit has so far frozen and seized assets and accounts worth RM3.17 billion.
The arrests and seizures were made under Op Northern Star, a cross-border operation launched after an Interpol Red Notice was issued on March 20. Assets linked to MBI's Ponzi-style operation — based in a neighbouring country — are still being traced.
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