'Tan Sri' arrested in Penang over MBI probe
KUALA LUMPUR: A "Tan Sri" suspected of acting as a proxy to the mastermind behind the Mobility Beyond Imagination (MBI) Ponzi scheme has been arrested.
The 53-year-old man was detained around 2am at the side of a road in Penang, a source confirmed.
It is learned that the suspect helped launder illegal proceeds from the scheme.
"The man had just returned to Malaysia," the source said, adding that police will seek a remand order against him.
He is currently being held at the Jinjang lockup.
Meanwhile, Commercial Crime Investigation Department acting director Datuk Muhammed Hasbullah Ali confirmed the arrest.
Hasbullah said investigations are ongoing.
The "Tan Sri" is the latest individual arrested under Op Northern Star, which began on April 18.
The operation previously saw the arrest of five individuals, including another "Tan Sri" and a "Datuk Seri", over their alleged involvement in a Ponzi scheme in a neighbouring country.
To date, RM3.51 billion worth of assets — including a hotel, durian farms, luxury vehicles, watches, and bank accounts — have been seized and frozen.
The MBI Group International was founded by Tedy Teow, a businessman dubbed "Jho Low 2."
Teow is infamous for schemes that have landed him in hot water with authorities in several countries, including Malaysia, Thailand, and China.
He is currently in custody in China, having been extradited there last year following his arrest by Thai authorities.
He is said to have deceived two million people in China into investing billions.
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