A 53-year-old businessman, the second “Tan Sri” linked to the RM3.5 billion MBI Ponzi scheme, was arrested in Penang at 2am as part of “Op Northern Star.” Detained in Kuala Lumpur’s Jinjang lock-up, he allegedly acted as a proxy for the scheme’s mastermind, Tedy Teow Wooi Huat, laundering illicit proceeds. The MBI Group, founded by Teow in 2012, ran a pyramid scheme disguised as a digital coin platform, defrauding over 10 million investors across Asia. Authorities have seized assets worth RM3.51 billion, including a hotel, durian farms, luxury vehicles, and bank accounts. Teow was extradited to China in 2024, facing charges for losses exceeding RM65 billion.
Quotes:
Paris Baguette Malaysia is now fully integrated under Singapore HQ, enhancing operations and regional strategy…
Malaysian enterprises must modernize infrastructure strategically to harness AI, enhancing resilience and reducing costs effectively.
Vertiv opened its Johor manufacturing facility to expand AI infrastructure production, strengthen regional supply chains,…
Malaysia's manufacturing sector returned to expansion in June as stronger orders and production lifted PMI…
Southern Cable secured a RM403.6 million TNB contract extension, lifting its order book above RM1…
Malaysia's benchmark index fell for a third session as cautious sentiment ahead of US payrolls…
This website uses cookies.