Latest news with #Ponzi-style
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New Straits Times
3 days ago
- Business
- New Straits Times
[UPDATED] 'Tan Sri' among new arrests in ponzi crackdown under Op Northern Star
KUALA LUMPUR: Three more individuals, including a "Tan Sri" linked to a major real estate developer, were arrested to assist police investigations into a Ponzi-style investment scam under Op Northern Star. Commercial Crime Investigation Department acting director Datuk Seri Muhammed Hasbullah Ali said the trio were arrested between May 1 and May 17, following new information obtained during the course of investigations. "As of now, the information gathered found no links to any politician. "To date, a total of 17 individuals were arrested. "The arrests were made around Kuala Lumpur and Penang," he told a press conference here today. The three suspects were remanded for between five and nine days, and were subsequently released on police bail. Police have confiscated 477 properties valued at an estimated RM150 million, four condominium units worth around RM12 million, and RM326,088,127.11 from 37 bank accounts. Additionally, four yachts and three passenger boats valued at RM36.3 million, three luxury vehicles amounting to RM637,100, and two watches worth a total of RM160,000 were also seized. Police further recovered over RM283,000 in cash and five mobile phones, bringing the total value of items seized since the operation began to over RM3.8 billion. Bukit Aman's Anti-Money Laundering Crime Investigation (AMLA) Unit also seized five businesses, including a durian farm, a real estate development company, and a hotel — bringing the total number of businesses seized to eight. "Some of these companies are publicly listed, some are private companies which are operating legally even," he explained. Op Northern Star is an investigation into a Ponzi-type investment scam linked to Mobility Beyond Imagination (MBI). On 22 April, police seized and froze more than RM338.53 million in assets related to the case. On 11 April, four men with "Datuk" titles, including two lawyers, were among eight people arrested in the same probe
Free Malaysia Today
01-05-2025
- Business
- Free Malaysia Today
Another Tan Sri nabbed over probe into MBI syndicate
The suspect was detained at 2am in Penang. (Freepik pic) PETALING JAYA : Police have arrested another individual with the title 'Tan Sri' early this morning believed to be linked to the founder of the MBI International Group (MBI) investment scam. The 53-year-old male suspect was detained at 2am in Penang. He is believed to have acted as a business partner or proxy who received funds from the syndicate's mastermind, Berita Harian reported. According to a source, the money was allegedly received for the purpose of laundering proceeds from the illegal investment scheme. 'At the time of his arrest, the suspect had just returned to the country via Kuala Lumpur International Airport,' the source was quoted as saying, according to the daily. A remand order is expected to be obtained today for the suspect, who has been detained at the Jinjang police headquarters. Bukit Aman commercial crime investigation department acting director Hasbullah Ali confirmed the arrest. He said investigations are ongoing, and so far, no searches or seizures have been carried out against the suspect. This arrest is the latest development following the second phase of Op Northern Star on April 18, which targeted areas in the Klang Valley and northern Peninsular Malaysia. During the operation, five individuals – including a Tan Sri and a Datuk Seri – were detained for suspected involvement in a Ponzi-style investment syndicate operating out of a neighbouring country. Among the seized and frozen assets were three durian orchards in Raub (Pahang), Jawi (Penang), and Tasek (Kedah), covering a total of 363ha with an estimated value of RM223.6 million. Authorities also froze 299 bank accounts worth over RM12.6 million and seized 12 luxury vehicles, bringing the total value of frozen and seized assets in both phases of the operation to RM3.5 billion. The seized assets are believed to be proceeds from the fraudulent MBI investment scheme.
The Star
30-04-2025
- Business
- The Star
Ideal Property denies claim chairman arrested over scam case
GEORGE TOWN: Property developer Ideal Property Group has dismissed allegations on social media that its Group Executive Chairman was arrested in connection with the investigation into a scam linked to MBI Group. In a statement, the group said it has lodged reports to authorities to pursue legal action. "Ideal Property Group strongly refutes the false and malicious allegations and categorically denies these baseless and defamatory statements. "Ideal Property Group operates with strict adherence to the law, ethical business principles and distinguishes itself through technical excellence, successful project delivery and rigorous regulatory compliance. "Our organisation is committed to maintaining the highest levels of professional integrity and operational transparency. "To address this false and malicious disinformation campaign, Ideal Property Group has lodged a report with the Malaysian Communications and Multimedia Commission, police and will take immediate legal action to protect its reputation," the statement said on Wednesday (April 30). The group added it continues to show solid operational performance. "Our organisation maintains its unwavering focus on executing current projects and fulfilling all obligations to its various stakeholders with excellence," it said. On April 22, police arrested five more people, including two with the titles Tan Sri and Datuk Seri, for their suspected roles as proxies and business partners in a Ponzi-style investment scam linked to MBI. Officers also seized three durian orchards covering nearly 360ha and worth about RM223.6mil in Raub, Jawi and Tasek. Earlier, Police Inspector General Tan Sri Razarudin Husain said eight people had been arrested and RM3.17bil in assets had been seized in the case.
Zawya
29-04-2025
- Business
- Zawya
Nigeria: Financial desperation and the CBEX collapse
When CBEX, a digital asset trading platform, emerged with promises of 100% return on investment within a month, many Nigerians, worn down by economic hardship, saw it as a lifeline. But that hope turned into heartbreak when the platform collapsed, resetting user account balances to zero and leaving behind a trail of emotional and financial ruin. In a country grappling with rising inflation, high unemployment, and limited economic opportunities, desperation often drives risky decisions. For many Nigerians, CBEX seemed like a legitimate way to escape poverty. Investments were made in U.S. dollars, and the returns were said to be quick and life-changing. But the collapse proved otherwise. The crash of CBEX is not the first of its kind. From MMM to more recent digital scams, Nigeria has a history of Ponzi-style schemes exploiting financial desperation. In the end, the true cost of the CBEX crash isn't just the money lost — it's the trust broken, dreams shattered, and the desperation that led so many down a path of regret. Copyright © 2022 Nigerian Tribune Provided by SyndiGate Media Inc. (
Hindustan Times
28-04-2025
- Business
- Hindustan Times
ED probe into Amber Dalal case uncovers alleged role of over 20 commission agents
MUMBAI: In a fresh development in the Amber Dalal money-laundering case, the Enforcement Directorate (ED) has uncovered the alleged involvement of more than 20 commission agents who solicited investors for Dalal's firm without conducting any due diligence. Amber Dalal, a Mumbai-based consultant and proprietor of M/s Ritz Consultancy Services, is accused of orchestrating a massive investment fraud, suspected to be a Ponzi scheme. Dalal allegedly raised over ₹600 crore from around 1,300 investors by promising high returns through commodity trading. However, investigators claim that the funds were neither invested as promised nor managed transparently. Instead, initial returns were paid out to lure more investors, while large sums were siphoned off. Following complaints from investors, the Mumbai Police registered a case against Dalal, prompting the ED to launch a parallel money-laundering investigation. Dalal has since absconded. The ED's Mumbai unit has found that multiple individuals acted as commission agents, bringing new clients to M/s Ritz Consultancy Services. According to ED sources, these agents failed to verify the legitimacy of the investment schemes and had no formal agreements or Memoranda of Understanding (MoUs) with Dalal's firm. Despite this, they allegedly earned significant commissions from the investors' contributions. 'The probe has identified 20 such commission agents so far, though the number could be higher. Investigations are ongoing,' an ED official said. 'These agents enjoyed substantial commissions without ensuring basic due diligence, thereby enriching themselves at the cost of unsuspecting investors.' As part of the ongoing investigation, the ED has attached the commissions earned by several agents. Earlier this year, the ED provisionally attached assets worth ₹22.86 crore belonging to Dalal, his family members, and an alleged accomplice. These assets included land parcels and residential flats in Mumbai and Thane, insurance policies, and investments. Additionally, a flat in Dubai linked to the accomplice, valued at approximately ₹4.95 crore, was also attached. The ED's investigation suggests that Dalal used a portion of the investors' funds to purchase properties and diverted funds to multiple individuals. It was further revealed that funds were used to pay 'returns' to earlier investors — a hallmark of Ponzi-style operations — rather than genuine investments in commodity trading. So far, the total value of assets frozen or attached in the case stands at approximately ₹67 crore.
