Klang MP V Ganabatirau today urged authorities to expedite charges and disclose the identities of 23 individuals, including titleholders, who were recently arrested in connection with the MBI Group Ponzi scheme.
Speaking to reporters in Parliament, Ganabatirau said that he, along with victims of the scheme, has not been updated on developments following the reported arrests.
“We have no further information beyond that there was a ‘Tan Sri’ and ‘Datuk Seris’ among those arrested.
“We don’t know if they have been charged or not. Why have their names not been disclosed?
“This is not a national security issue but a national disaster for the people,” he said.
MBI, a Penang-based Ponzi scheme founded by Teow Wooi Huat, operated from approximately 2012 to 2018.
It has been reported as one of the largest financial frauds in the region, defrauding an estimated two million to 11 million people globally, primarily in China, Malaysia, and Thailand.
Teow has reportedly been in custody in China since August 2024, following his extradition from Thailand, and is charged with defrauding about two million Chinese nationals.
‘Where are the big fish?’
Ganabatirau today said he had last raised the issue in a Special Chamber session on Jan 22 regarding delays in enforcement action, and that he received a response from Deputy Finance Minister Liew Chin Tong.
Among others, he said Liew explained that the MBI scheme case falls under the jurisdiction of multiple enforcement agencies, including the police, Bank Negara Malaysia, the Securities Commission (SC), the Domestic Trade and Cost of Living Ministry, and the Companies Commission of Malaysia (CCM), depending on the elements of the offences.
He also said Liew had informed him that the police had launched Op Northern Star last year, which, to date, has resulted in the 23 arrests, the freezing and seizure of assets worth approximately RM6.65 billion, and court action involving hundreds of properties.
“I understand that these 23 arrests involve individuals who assisted Teow (better known as ‘Tedy Teow’) and/or MBI in laundering proceeds from the MBI pyramid scheme.
“For a pyramid scheme of this scale, involving 10 million victims and approximately RM300 billion, there must certainly have been a group of pyramid ‘upline’ leaders who helped Teow promote the MBI scheme,” he said.
“I am also informed that 73 Chinese defendants (upline operators who ran the MBI Scheme in China) have been convicted of Organising and Leading Multi-level Marketing Activities (equivalent to a pyramid scheme in Malaysia).
“The amount of money involved was RM20,062,077.50,” said Ganabatirau.
Key questions unanswered
Ganabatirau, however, said several major questions remain unanswered.
“Among them, why have the identities of key individuals, proxies, and MBI uplines in Malaysia still not been disclosed to the public?
“Malaysians and victims deserve to know who is responsible for the massive losses suffered,” he stressed.
The Edge previously reported that authorities filed a notice at the Butterworth High Court on Dec 24, 2025, seeking forfeiture of 642 properties and bank accounts belonging to Teow’s children under Section 56(1) of the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001.
As such, Ganabatirau today further questioned whether the Attorney-General’s Chambers will also move to pursue charges against them. - Mkini
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