KUALA LUMPUR, May 1 — A 53-year-old businessman, suspected of playing a key role in the Mobility Beyond Imagination (MBI) Ponzi scheme, has been detained at the Jinjang police lock-up, becoming the third high-profile arrest in the RM3.5 billion scandal.
KUALA LUMPUR, May 1 — A 53-year-old businessman, suspected of playing a key role in the Mobility Beyond Imagination (MBI) Ponzi scheme, has been detained at the Jinjang police lock-up, becoming the third high-profile arrest in the RM3.5 billion scandal.
According to the New Straits Times, the suspect — the second individual with a “Tan Sri” title to be implicated — was arrested in Penang around 2am, based on information from a source familiar with the case.
Acting director of the Commercial Crime Investigation Department, Datuk Muhammed Hasbullah Ali, confirmed the arrest and said investigations are ongoing.
The suspect is believed to have served as a proxy for the scheme’s mastermind, allegedly aiding in the laundering of illicit funds.
“The man had just returned to Malaysia,” the source added, noting that police are seeking a remand order.
This arrest is part of “Op Northern Star,” an operation launched on April 18 to dismantle the MBI network.
In earlier phases, five individuals — including another “Tan Sri” and a “Datuk Seri” — were apprehended over their suspected involvement.
So far, authorities have seized and frozen RM3.51 billion in assets, including a hotel, durian plantations, luxury vehicles, high-end watches, and numerous bank accounts.
Founded by Malaysian businessman Tedy Teow Wooi Huat, MBI Group International operated a pyramid scheme disguised as a digital coin platform, promoting a virtual currency known as M-Coin under its MFC brand.
Launched in Penang in 2012, the scheme later expanded into China, Taiwan, Japan, and New Zealand.
In 2017, Malaysian authorities led by Bank Negara Malaysia raided MBI’s offices and froze hundreds of accounts. The scheme collapsed in 2018, leaving thousands of investors at a loss.
Teow, often likened to “Jho Low 2” due to similarities with the 1MDB scandal, was extradited from Thailand to China in August 2024. He is accused of defrauding over 10 million investors, with Chinese authorities estimating losses of more than 100 billion yuan (about RM65 billion).
Investigations have continued for more than seven years as authorities pursue all individuals connected to the fraudulent operation in hopes of asset recovery and justice for victims.
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