Police detain another ‘Tan Sri' businessman in Penang linked to RM3.5b MBI Ponzi scheme, suspected proxy to mastermind
KUALA LUMPUR, May 1 — A 53-year-old businessman suspected of involvement in the Mobility Beyond Imagination (MBI) Ponzi scheme, is currently being detained at the police lock-up in Jinjang here, marking the third high-profile arrest linked to the RM3.5 billion scandal.
The suspect, the second person to bear a 'Tan Sri' honorific title, was arrested in Penang at about 2am, New Straits Times reported today, citing an anonymous source familiar with the investigation.
Commercial Crime Investigation Department acting director Datuk Muhammed Hasbullah Ali confirmed the arrest, stating that investigations are ongoing.
The 53-year-old is believed to have acted as a proxy for the scheme's mastermind, assisting in laundering illicit proceeds.
'The man had just returned to Malaysia,' the unnamed source told the newspaper, adding that police will seek a remand order against him.
The arrest is part of 'Op Northern Star,' an operation launched on April 18 targeting individuals involved in the MBI scheme.
Earlier phases of the operation led to the arrest of five people, including another 'Tan Sri' and a 'Datuk Seri,' for their alleged roles in the fraudulent activities.
To date, authorities have seized and frozen assets worth RM3.51 billion, including a hotel, durian farms, luxury vehicles, watches, and bank accounts.
The MBI Group International, founded by Malaysian businessman Tedy Teow Wooi Huat, operated a pyramid scheme disguised as a digital coin trading platform called MFC, promoting a virtual currency known as M-Coin.
Launched in Penang in 2012, the scheme expanded to China, Taiwan, Japan, and New Zealand.
By 2017, Malaysian authorities, led by Bank Negara Malaysia, raided MBI's offices, leading to the freezing of hundreds of bank accounts.
The following year, the scheme collapsed, leaving thousands of investors with significant losses.
Teow, often referred to as 'Jho Low 2' due to similarities with the 1MDB scandal figure, was extradited from Thailand to China in August 2024.
He is accused of defrauding over 10 million investors across Asia, with Chinese authorities estimating losses exceeding 100 billion yuan (approximately RM65 billion).
Investigations into the MBI scheme have been ongoing for over seven years.
Authorities continue to identify and apprehend individuals connected to the fraudulent operations, aiming to recover assets and provide justice to the victims.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Star
38 minutes ago
- The Star
Kenyans dominate jungle race
Winners and participants at the close of the 2025 Kemuyang Nature Challenge. TWO Kenyan athletes claimed top honours at the 2025 Kemuyang Nature Challenge in Sibu, Sarawak where 300 runners participated. Samson Kamal, 29, dominated the 9km Men's Open category, finishing in 47:40. His compatriot Kabui Teresial, 22, won the 9km Women's Open category, completing the race in 51:50. They each received RM2,000 in prize money for their achievements. A delighted Samson shared that the prize money was timely. 'We'll be using it to purchase our flight tickets home from Kuala Lumpur. 'A one-way ticket costs around RM2,000 each,' said Samson, who recently graduated with a degree in Business Economics from Universiti Kebangsaan Malaysia (UKM). Kabui, who pursued the same course, also graduated from UKM. (Below) Kabui (left) and Samson showing their prizes in Sibu. Reflecting on the race, Kabui described it as 'tough', adding she had to give her all. Samson said he enjoyed the event and praised the trail. 'This is our first time winning a jungle trekking event in Malaysia. 'We learnt about the competition from a Malaysian friend in Sandakan,' he said. Samson added that both he and Kabui are marathon runners and will undergo intensive training at home before entering their next race. Meanwhile, local runners Lim Siet Fah and Teo Lian Geok expressed disappointment over their performance, citing changes in the format. 'In the previous competition in December 2023, it was primarily jungle trekking. 'This time, it was 50% road running and 50% jungle trekking. 'My strength lies in jungle trekking, so it put me at a disadvantage,' said Lim, a vocational school teacher from Kuching. Teo echoed Lim's sentiments. Lim, the 2023 Women's Open category champion, finished third this time. Teo secured second place in the 7km Women's Veteran category. In the Men's Open category, second place went to Belfon Mosolan (RM1,500) and third to Saidi Suni (RM1,000). For the Women's Open, second place was claimed by Luk Teck Bing (RM1,500) with Lim Siet Fah in third (RM1,000). Winners of the 7km Men's Veteran category were Hardy Suntol (RM1,000), Chu Chat Shan (RM700) and Lee Kok Eng (RM500), while in the 7km Women's Veteran category, the top three were Lim Set Hiang (RM1,000), Teo Lian Geok (RM700) and Lee Leh Ha (RM500). Sarawal Youth, Sports and Entrepreneur Development Ministry representative Zulkanain Ismail presented the prizes.
The Star
an hour ago
- The Star
Taking a page from the UK
Strengthening ties: Ahmad Zahid (third from right) holding a meeting with Reed (second from left) in Whitehall, England. — Bernama Green energy, trade, tech and TVET feature in bilateral talks LONDON: Malaysia is looking to strengthen its bilateral cooperation with the United Kingdom in several strategic sectors following a meeting between Deputy Prime Minister Datuk Seri Dr Ahmad Zahid Hamidi and British Secretary of State for Environment, Food and Rural Affairs Steve Reed. In discussing bilateral cooperation between Malaysia and the United Kingdom, Ahmad Zahid said he expressed Malaysia's commitment to become the Asean Hub for Technical and Vocational Education and Training (TVET) Certification and Excellence. "The focus will be on high-value industries such as semiconductors, electric vehicles (EV), aerospace and green energy. "I also conveyed Malaysia's intention to expand collaboration with UK academic institutions and industries to enhance TVET training, certification and the employability of Malaysian graduates," he told reporters during a working visit here on Monday. On rural development, Ahmad Zahid said the country is keen to learn from the UK's approach in transforming rural areas into sustainable economic growth zones. "We also discussed matters related to disaster management, access to clean water and the use of new technologies to strengthen resilience against global climate change," he said. Several issues concerning the environment were also discussed, especially on ways to overcome the problem of polluted rivers. "Malaysia needs to learn how the UK dealt with rehabilitating polluted rivers. "We need to take heed of how polluted rivers have become a thing of the past in the UK as we are still facing the same problem. "The first step to learning from them is to raise public awareness of the problem with polluted rivers," he said. Ahmad Zahid said both him and Reed agreed that sustainable programmes to preserve the environment were vital to moving forward. "Both of us concurred that leaders come and go but such programmes must continue," he added. The meeting also touched on renewable energy cooperation, including a proposal to reactivate the Asean Power Grid and explore investment opportunities in solar and green energy, he said. "The UK's establishment of GB Energy, a national clean energy company, was noted as a positive signal of its strong commitment to the green agenda. "I expressed Malaysia's readiness to be a strategic partner in this development," he said. In addition, Ahmad Zahid said he highlighted the potential of Islamic financial instruments such as sukuk to support climate finance and sustainable development cooperation. "This includes bolstering the global halal industry through the establishment of a World Halal Council and a unified halal logo, which aims to reinforce international consumer confidence in Malaysia's standards," he added. Ahmad Zahid said both countries reaffirmed their commitment to strengthen trade ties, including through frameworks such as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership, and increasing business-to-business (B2B) engagement between the private sectors of both nations. "I believe this meeting has opened new avenues to elevate Malaysia-UK cooperation to a more strategic level, especially in building a more inclusive, sustainable and resilient future," he said. On Monday night, Ahmad Zahid hosted a gathering for Malaysians including 60 Mara-sponsored students based in the United Kingdom. He advised the students about giving back to the country once they have finished their studies. "While the salaries here (UK) might be substantially higher, returning and helping to develop the country further is priceless and much more meaningful." Ahmad Zahid arrived in London on Sunday night for a four-day working visit to the United Kingdom.
The Star
an hour ago
- The Star
Shahrul is new ambassador to US
Proud moment: Sultan Ibrahim presenting the Letter of Credence to Muhammad Shahrul Ikram during a ceremony at Istana Negara. — Photo courtesy of Sultan Ibrahim's Facebook PETALING JAYA: Tan Sri Muhammad Shahrul Ikram Yaakob has been appointed as the new Malaysian Ambassador to the United States. A statement from the Foreign Ministry said His Majesty Sultan Ibrahim, the King of Malaysia, has presented the Letter of Credence to Muhammad Shahrul Ikram yesterday. 'The letter was presented during a ceremony at Istana Negara,' said the ministry's communication and public diplomacy division in a statement to Bernama. Muhammad Shahrul Ikram is the former Foreign Ministry's secretary-general. According to a post on Sultan Ibrahim's Facebook page, the ceremony was also attended by the Deputy Foreign Minister Datuk Mohamad Alamin and the ministry's secretary-general Datuk Sri Amran Mohamed Zin. Muhammad Shahrul Ikram replaces Datuk Seri Nazri Aziz, whose term concluded on Feb 8. The Pahang-born diplomat holds a Bachelor of Science (Hons) in Ecology from Universiti Malaya, and has attended the Advanced Management Program at Harvard Business School in the US. He started his career as an administrative and diplomatic officer (PTD) in the Foreign Ministry in 1988, and served as chairman of the Secretariat of the Foreign Ministry from Jan 6, 2019, to May 31, 2022. Throughout his 35 years in public service, Muhammad Shahrul Ikram has been posted as Ambassador to Qatar and Austria, as well as Permanent Representative of Malaysia to the United Nations in New York. While at the Foreign Ministry, he had served as deputy secretary-general (Bilateral Relations), director-general of the Asean-Malaysia National Secretariat (during Malaysia's 2015 Asean Chairmanship) and secretary of the Multilateral Political Division.
