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Malay Mail
01-05-2025
- Business
- Malay Mail
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.
Malay Mail
01-05-2025
- Business
- Malay Mail
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.
New Straits Times
01-05-2025
- New Straits Times
'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.
New Straits Times
22-04-2025
- Business
- New Straits Times
Tedy Teow's long history of brushes with the law
KUALA LUMPUR: Tedy Teow Wooi Huat, who was arrested in Thailand more than two years ago and extradited to China last year, is in the spotlight again after the police launched Op Northern Star. Teow is the founder of Mobility Beyond Imagination (MBI) Group International, a company which authorities said served as a front for pyramid schemes and Macau scams. Dubbed "Jho Low 2" in several media reports, Teow is infamous for schemes that have landed him in hot water with authorities in several countries, including Malaysia, Thailand and China. In 2009, he founded MBI Group International, a property company purportedly involved in luxury residential and retail spaces in Malaysia and Danok, Thailand. Three years later, MBI Group International introduced a pyramid scheme called MFC, which was presented as a platform for a digital currency called M-Coin. The scheme began in Malaysia and was expanded to other countries, including China, Taiwan, Japan and New Zealand, The Edge reported last year. In 2017, Bank Negara led raids on MBI Group International's headquarters in Penang and the Klang Valley, arresting Teow, his son, Ee Meng, and several others. Authorities also froze 91 bank accounts holding RM177 million. The following year, Teow, MBI Marketing Sdn Bhd, MFace International Sdn Bhd and its director, Kau Fong Seng, were charged with offences that include making illegal electronic payments, promoting pyramid schemes and money laundering. They were fined RM20 million. In August 2011, Teow and his son, Chee Chow, were sentenced to a day in jail and fined RM160,000 for cheating and misleading investors in the Island Red Cafe franchise scheme between 2008 and 2010. It is unclear what happened to Teow after he was fined in 2018, but two years later, he was placed on Interpol's global wanted list. Thai authorities arrested him at his company's headquarters in Danok in 2022. Teow, who also goes by the name Zhang Yufa, was extradited to China last August. He is said to have deceived two million people in China into investing billions.
Yahoo
22-04-2025
- Business
- Yahoo
Bukit Aman: ‘Tan Sri' and ‘Datuk Seri' among five more arrested in MBI scam as cops seize RM3.5b in assets including three durian orchards
KUALA LUMPUR, April 22 – The federal police have arrested five more local men, including a businessman with the title 'Tan Sri' and another with the title 'Datuk Seri, in their investigation of the alleged MBI Group International scam. Datuk Muhamed Hasbullah Aliq, head of the Money Laundering Crime Investigation Team of the Office of the Inspector-General of Police, said all individuals are currently under remand for five to six days to assist in the ongoing investigation. 'Following information obtained from the first operation and further investigations, the task force carried out a second series of operations in the Klang Valley and northern regions of Peninsular Malaysia from April 18 to April 21,' he said in a press conference at Menara KPJ here. Hasbullah said that the 'Tan Sri' and 'Datuk Seri' detained believed to be partners and proxy of the scam operations. He added that freezing and seizure actions were carried out on various assets and properties believed to be linked to the investment scam. A display showing luxury items and vehicles seized during Op Northern Star. April 22, 2025 — Picture by Raymond Manuel The list of newly seized, frozen and confiscated items are: Durian orchards estimated worth RM223,624,167.75 at three sites: 850 acres in Raub, Pahang; 13 acres in Jawi, Penang; and 34 acres in Tasek, Kedah 299 bank accounts with a total value of RM123,614,594.35 12 luxury vehicles one luxury wristwatch an undisclosed amount of cash in Malaysian ringgit five mobile phones one computer unit various important documents The total estimated value of all frozen and seized assets after the second operation is now RM3,513,304,957.84. 'Additionally, the task force seized three businesses under Section 52 of the Anti-Money Laundering Act (Act 613). 'The businesses include a palm oil processing factory in Selama, Kedah, a hotel in Penang, and a property development company also based in Penang,' he said. Hasbullah said his department will continue investigations and take action against any individuals or entities linked to assets derived from illegal investment fraud activities. A display showing cash and vehicles seized during Op Northern Star. April 22, 2025 — Picture by Raymond Manuel On March 20, the police carried out an enforcement initiative known as Ops Northern Star, following a red notice issued by Interpol. Inspector-General of Police Tan Sri Razarudin Husain said police arrested eight individuals, including four with the title of Datuk, in connection with the MBI scam and seized RM3.17 billion worth of assets. Authorities had then frozen 638 bank and share accounts worth RM1,160,166,195.74. They also seized 35 properties valued at RM2,005,900,000. Other confiscated items included 10 luxury cars, 12 luxury watches and cash in both local and foreign currencies. The detained individuals, aged between 44 and 62, included two businessmen and two lawyers. Last year, authorities extradited MBI founder Tedy Teow from Thailand to China to assist in investigations involving Chinese victims of the scheme. MBI reportedly attracted investors from Malaysia, China, Thailand, Indonesia, and Macau through dubious online investment schemes. Teow operated various businesses, including a hotel, theme park, resort, furniture outlet, and property development projects in Danok, near the Thailand-Malaysia border.
