MBI Ponzi scheme targeted foreigners unfamiliar with local market [WATCH]
Neoh, of Tradeview Capital, said it is not uncommon for schemes originating in one country to lure victims from another, precisely because the latter lack on-the-ground knowledge to spot red flags.
"These scams are designed to exploit gaps in awareness," Neoh told the New Straits Times' Beyond the Headlines.
"When you're unfamiliar with how things operate locally — the regulations, the players, the red flags — you're far more vulnerable."
Neoh added that investors should focus on markets where they have a "homegrown advantage" — familiarity with the business environment, regulations, and on-the-ground realities.
"That local knowledge gives you an edge. There were actually a lot of obvious warning signs in MBI's case that locals might have picked up on — but foreigners wouldn't necessarily recognise them," he said.
MBI, founded by Tedy Teow Wooi Huat, is believed to have defrauded more than 11 million people globally.
On April 11, four 'Datuks' — including two lawyers — were among eight people arrested in connection with MBI.
Inspector-General of Police Tan Sri Razarudin Husain said the federal police's Anti-Money Laundering Unit has so far frozen and seized assets and accounts worth RM3.17 billion.
The arrests and seizures were made under Op Northern Star, a cross-border operation launched after an Interpol Red Notice was issued on March 20. Assets linked to MBI's Ponzi-style operation — based in a neighbouring country — are still being traced.
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