Tan Sri, Datuk Seri remanded over probe into MBI Ponzi scheme

 Bukit Aman’s anti-money laundering unit chief Hasbullah Ali says the individuals have been remanded for five to six days to assist in the ongoing investigation into fraud.

Bukit Aman’s anti-money laundering unit chief Hasbullah Ali (centre) said the arrests were made following intelligence gathered from the first phase of Ops Northern Star. (Bernama pic)

KUALA LUMPUR:

 Two prominent men, one bearing the title Tan Sri and the other a Datuk Seri, are among five individuals remanded in connection with the MBI International Group investment scheme involving asset seizures worth RM3.5 billion.

Bukit Aman’s anti-money laundering (Amla) unit chief Hasbullah Ali said the individuals had been remanded for five to six days to assist in the ongoing investigation into fraud.

He said the arrests were made following intelligence gathered from the first phase of operations.

His team launched the second phase of Ops Northern Star between April 18 and yesterday, targeting areas in the Klang Valley and the northern region.

“In total, approximately RM3.5 billion worth of assets were frozen and seized, including durian orchards valued at an estimated RM223 million across three locations – Raub in Pahang, Jawi in Penang and Tasek in Kedah.

“We also seized 299 bank accounts totalling RM123 million, 12 luxury vehicles, a high-end wristwatch, cash, five mobile phones, a computer, and various documents believed to be linked to illegal proceeds from the fraudulent investment scheme,” he said at a press conference.

On April 12, police identified several individuals believed to be connected to the founder of the “fraudulent” investment scheme.

Inspector-General of Police Razarudin Husain had said the individuals were identified following further investigations into eight people – including four with the title Datuk – who were arrested during the first Ops Northern Star on March 20.

He added that new evidence enabled authorities to identify even more suspects allegedly involved in the Ponzi scheme.

Previously, Razarudin had said the crackdown on MBI-related activities – which were largely based in a neighbouring country – was launched after Interpol issued a red notice, triggering cross-border enforcement efforts.

MBI was founded by Malaysian businessman Tedy Teow.

Teow was arrested by Thai authorities on July 21, 2022, after his visa was revoked due to his alleged involvement in pyramid schemes, investor fraud and multi-level marketing activities.

On Nov 9, 2020, Chinese police also issued a red notice via Interpol for Teow, who is believed to have defrauded up to two million people, most of them Chinese nationals.

On Aug 20 last year, Teow was extradited from a detention facility in Bangkok to China to face charges related to fraud and money laundering. - FMT