Fresh intelligence prompts Bukit Aman to revisit MBI-linked firms in Penang
Sources told the English daily that Bukit Aman's Anti-Money Laundering division is preparing to revisit several Penang-based companies previously linked to MBI, following new intelligence shared by Chinese authorities and recent arrests made during Ops Northern Star in April and May.
'The mastermind, Tedy Teow, had created a pyramid business structure using proxies to manage investments worth billions, including lands, properties and luxury items,' the source was quoted as saying.
The source added that Teow positioned close family members and friends at the top of the MBI hierarchy, while his lieutenants ensured major property projects in Malaysia and Thailand proceeded smoothly.
MBI founder Teow, now in custody in China, first launched the scheme in 2009. 'His modus operandi involved using the Hawala system to transfer money internationally without physical cash movements,' the source said.
Once funds were routed through multiple MBI accounts, lawyers reportedly handled screening and documentation before approving partial payments to placate investors.
To attract wealthy investors, MBI also offered free holidays to destinations like Italy and Dubai, with the requirement that participants top up their investments by up to RM100,000, The Star noted.
Teow carefully cultivated MBI's image as a legitimate conglomerate with property interests in high-end residential and retail developments across Malaysia and Danok, Thailand.
One major project now under scrutiny is the reclaimed land development near Pulau Jerejak off Penang island.
According to the report, Chief Minister Chow Kon Yeow confirmed that Penang Development Corporation (PDC) handed over documents relating to the Penang World City (PWC) project to Bukit Aman's special task force on July 18.
Chow said the documents detailed payments made to PDC by Mutiara Metropolis Sdn Bhd (formerly Tropicana Ivory Sdn Bhd), with investigations focusing on whether funds paid between 2011 and 2019 were linked to the MBI scam.
The Star also reported that Teow's elder brother Wooi Pin and brother-in-law Tan Kim Hee were believed to be partners in the PWC project launched in 2011.
Police detained Tan on April 2 for questioning but released him five days later, although his company's bank accounts totalling RM10 million were frozen. Authorities also seized two luxury vehicles – a Mercedes-Benz GLE 450 Coupe and a BMW 330Li.
So far, 17 suspects, including prominent Penang real estate figures, have been detained in connection with the investigation.
Teow, also known as Zhang Yufa, now faces possible life imprisonment if convicted of fraud under China's Anti-Money Laundering Law.
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