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The Star
a day ago
- Business
- The Star
New info on MBI emerges
Cops to quiz several Penang-based companies again GEORGE TOWN: Just when many thought the ghost of Mobility Beyond Imagination (MBI) had been laid to rest, news about the ponzi scheme has resurfaced. Sources said the Bukit Aman Anti-Money Laundering division is ready to pay another round of visits to several Penang-based companies previously associated with MBI. It is understood that police have obtained fresh intelligence from their Chinese counterparts and several suspects arrested via Ops Northern Star in April and May. 'The mastermind, Tedy Teow, had formed a business pyramid comprising proxies to handle his investments worth billions, including lands, properties and luxury items,' the source claimed. 'With him (Teow) as the captain of the ship, family members and close friends were positioned at the top of the MBI chart. 'The main task of his lieutenants was to ensure all the major property projects in Malaysia and Thailand run smoothly without any hitches.' MBI founder Teow, who is now in custody in China, launched his MBI empire back in 2009. 'His modus operandi was to introduce the Hawala system to investors to transfer money internationally,' the source added. Hawala is an informal method of transferring money without any physical money actually moving. Once the money had been bankrolled into several MBI accounts, it is understood that lawyers would do the screening and documentation before giving the nod for partial payments to keep investors happy. To lure more rich investors, free holidays were offered to destinations like Italy and Dubai. All it took for investors was to top up their investments by up to RM100,000. Teow had crafted the MBI's image as a legitimate conglomerate with interests in property, including high-end residential and retail spaces across Malaysia and in Danok, Thailand. 'They were very professional with many teams of agents to manage investors' accounts. 'They operated from rented offices, owned restaurant chains and travelled in multiple luxury cars,' another source claimed. One mega project now under scrutiny is the proposed development on reclaimed land near Pulau Jerejak located off the coast of Penang island. Chief Minister Chow Kon Yeow recently said the Penang Development Corporation (PDC) surrendered documents, which included minutes of meetings and financial records related to the Penang World City (PWC) project, to the Bukit Aman special task force on July 18. 'The documents concerned payments made to PDC for the purchase of land by Mutiara Metropolis Sdn Bhd (MMSB), formerly known as Tropicana Ivory Sdn Bhd. 'The focus of the investigation, as conveyed to PDC, is to examine whether any of the funds paid to PDC by MMSB between 2011 and 2019 may have been linked to the MBI scam,' Chow told a press conference in Komtar last month. Teow's elder brother, Wooi Pin, and his brother-in-law, Tan Kim Hee, were believed to be among the partners in the mega development project first launched in 2011. It was reported that police had detained Tan on April 2 to assist with the MBI probe. He was released five days later, but his company's bank accounts totalling some RM10mil were frozen. In addition, police seized two luxury vehicles – a Mercedes-Benz GLE 450 Coupe and a BMW 330Li. So far, police have detained 17 suspects, including several high-profile real estate magnates from Penang. Besides Malaysians, some two million Chinese nationals, mostly from the Chongqing province, had reportedly lost over 55bil yuan (RM32.4bil) in the MBI scheme. In their desperate bid to recover their investments, some of the investors even flew to Malaysia to search for Teow in 2019. Through Interpol, the Chinese police then issued a red notice on Nov 9, 2020, to seek the arrest of Teow. With the authorities hot on his heels, he then fled to Thailand but was later arrested in July 2022. In August 2024, Teow became the first wanted person to be extradited from Thailand to China in 25 years, according to Chinese media reports. Teow, who also went by the name Zhang Yufa, was extradited under operation 'Fox Hunt', a codename for the sweeping campaign by China's police to bring back financial criminals. Now in custody in China, Teow faces life imprisonment if convicted of fraud under the Anti-Money Laundering Law.
The Star
31-05-2025
- Business
- The Star
MBI Selangor refutes any connection to MBI International Group
PETALING JAYA: Selangor Mentri Besar (Incorporated) or MBI Selangor stresses that it has no connection, relationship or interest with MBI International Group (MBI) and individuals involved in the investigation into an investment fraud case. Sinar Harian reported that MBI Selangor said there was a possibility of public confusion arising from the similarity of names between the two entities and it is taking this seriously. 'MBI Selangor is a wholly-owned subsidiary of the Selangor government established to drive strategic development, investment and management of state assets in line with the aspirations of sustainable development and prosperity of the people of Selangor. 'Therefore, we urge the public to be careful and not to be confused with entities that are not related to the official operations of the Selangor government. 'Any further information about MBI Selangor can be obtained through our official website at or other official communication channels,' it said in a statement on Saturday (May 31). Previously, it was reported that a businessman with the title of Tan Sri was among three individuals who were arrested after being believed to be involved in an investment fraud scheme involving MBI. Bukit Aman Commercial Crime Investigation Department acting director Datuk Seri Muhammed Hasbullah Ali said the three suspects, who are local men aged between 46 and 58 years old, were arrested in raids carried out through Ops Northern Star around Kuala Lumpur and Penang between May 1 and 17. Inspector-General of Police Tan Sri Razarudin Husain had also announced that his department arrested eight individuals and seized assets worth RM3.17bil on April 11, based on information from an Interpol Red Notice.
The Star
08-05-2025
- The Star
Cops visit office, home of ‘Tan Sri' linked to MBI
GEORGE TOWN: Police visited the office and house of a 53-year-old businessman with a 'Tan Sri' title who was arrested to facilitate investigation into the Mobility Beyond Imagination (MBI) investment scam. The team from Bukit Aman spent about two hours in the businessman's office in Bayan Baru where he was seen clad in an orange detention outfit, before heading to his residence in Gelugor. It is not known if any materials or assets were seized during the visits to the two locations. Bukit Aman Commercial Crime Investigation Department acting director Datuk Muhammed Hasbullah Ali confirmed that the suspect was taken to both his office and home on Friday to facilitate in on-going investigations. He said a press conference would be held later to provide updates on the progress of the Ops Northern Star investigation. The 'Tan Sri' was arrested upon his return from overseas at about 2am on Thursday. This brings the total of those detained to 14. The arrests of 13 suspects earlier – who included two 'Tan Sri' businessmen and a 'Datuk Seri' – were made between March 21 and April 21, with RM3.5bil in assets seized, including a hotel and durian plantations linked to the MBI investment scam. Among the durian plantations seized were plantations in Pahang, Penang and Kedah worth RM223,624,167.75. An additional 299 bank accounts with RM123,614,594.35 had also been frozen. These assets were believed to have been purchased or had links to the proceeds from the scheme's illegal gains.
The Star
02-05-2025
- Business
- The Star
Third ‘Tan Sri' nabbed in RM3.5bil MBI scam probe
KUALA LUMPUR: Another 'Tan Sri' has been nabbed over his alleged involvement in the Mobility Beyond Imagination (MBI) investment scam. This brings the total of those detained in the ongoing investigation to 14 people. Sources said the 53-year-old man was detained in Penang at about 2am yesterday after he returned from overseas. 'He arrived from overseas via Kuala Lumpur International Airport and made his way to Penang. 'He is believed to be either the syndicate's proxy or a business partner of the suspects,' sources said. The police are also investigating the possibility of the suspect's involvement in money laundering for the syndicate. 'He is believed to have received profits from the investment scam for money laundering purposes,' sources said. Meanwhile, IGP secretariat's Anti-Money Laundering (Amla) division head Comm Datuk Muhammad Hasbullah Ali confirmed the arrest under Ops Northern Star. 'However, we have not seized any belongings so far. 'We are still investigating the case,' he said. The Star previously reported that two prominent businessmen with Tan Sri titles and a Datuk Seri were already in custody. The arrests of the earlier 13 suspects were made between March 21 and April 21, which has now seen RM3.5bil in assets including a hotel and durian plantations linked to the MBI investment scheme previously seized. Among the assets seized this round were durian plantations in Pahang, Penang and Kedah worth RM223,624,167.75. An additional 299 bank accounts with RM123,614,594.35 were also frozen, he said. All these assets were believed to have been purchased or had links to the proceeds from the scheme's illegal gains. Investigations showed that one of the Tan Sri, a businessman, had been acting as both partner to the investment scam and a proxy to the victims. As of now, no other 'influential figures' such as politicians are on the police radar and others who were being pursued are businessmen, said Comm Muhammad Hasbullah.
The Star
01-05-2025
- Business
- The Star
Third Tan Sri nabbed in MBI probe, say cops
KUALA LUMPUR: Another Tan Sri has been nabbed over his alleged involvement in the MBI investment scam. Sources said the 53-year-old man was detained at about 2am on Thursday (May 1) in Penang after he returned from overseas. Sources said the suspect is believed to be a proxy for the syndicate. "He is also a business partner of some of the suspects and received profits from the investment scam for money laundering purposes," sources said. Meanwhile, the IGP secretariat's Anti-Money Laundering (AMLA) division head Comm Datuk Muhammad Hasbullah Ali confirmed the arrest under Ops Northern Star. ALSO READ: Cops nab another 'Tan Sri' over MBI investment scam "However, we have not seized any belongings so far. We are still investigating the case further," he said. Previously, it was reported that a 'Tan Sri' and a 'Datuk Seri' were the latest arrests under Ops Northern Star, which has now seen RM3.5bil in assets including a hotel and durian plantations linked to the MBI investment scheme being seized. Comm Muhammad Hasbullah had said the 'Tan Sri' and 'Datuk Seri' were among five caught during the second round of arrests between April 18 and 21. This brings the number of suspects arrested to 13, with eight previously caught between March 21 and April 5. ALSO READ: Datuks held over MBI scam 'They (the latest arrested) have been remanded for between five and six days to assist investigations,' Comm Muhammad Hasbullah told a press conference at the division's headquarters here on Wednesday (April 30). Among the assets seized this round were durian plantations in Pahang, Penang and Kedah worth RM223,624,167.75. An additional 299 bank accounts with RM123,614,594.35 were also frozen, he said. All these assets were believed to have been purchased or had links to the proceeds from the scheme's illegal gains. Investigations showed that the 'Tan Sri', a businessman, had been acting as both partner to the investment scam and a proxy to the victims. ALSO READ: More arrests expected in MBI scheme crackdown As of now, no other influential figures such as politicians are on the police's radar and others who were being pursued are businessmen, said Comm Muhammad Hasbullah. Previously, the police arrested another 'Tan Sri' and further checks showed that he had no direct links to the scam, but he had actually attempted to swindle one of the suspects. Investigations showed that the 'Tan Sri' had offered to make the suspect's case 'go away' for RM25mil. 'The suspect had paid RM10mil as a deposit,' said Comm Muhammad Hasbullah, adding that the suspect told the police of the deal when he was arrested. The 'Tan Sri' was later picked up following the suspect's police report.
