Police detain another ‘Tan Sri' businessman in Penang linked to R3.5b 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.
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