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New Straits Times
20-06-2025
- Business
- New Straits Times
Chow: Let cops investigate, Penang not linked to MBI investment scam
GEORGE TOWN: The Penang government will leave it to the police to probe the investment scam by the now-defunct MBI International Group, that preyed mainly on Chinese nationals Home Minister Datuk Seri Saifuddin Nasution Ismail confirmed that enforcement efforts were talked about by Prime Minister Datuk Seri Anwar Ibrahim and Chinese President Xi Jinping during Xi's visit in April. Investigators are currently pursuing leads that monies raised by MBI allegedly helped finance purchases of state government land for large development projects, ventures that have been key to Penang's robust economic growth over the last decade. Chief Minister Chow Kon Yeow said it was the responsibility of the police to investigate and charge. "Let the police investigate, and if there is a case, then prosecute. "On the state government's part, we will continue with our development projects and plans," he told the New Straits Times. Previously, Chow said the state government would leave it to Bukit Aman to investigate the money trail of the now-defunct MBI pyramid scheme. He said that his administration had nothing to do with the matter. Chow added that they had not been called in to assist in the investigation. Several Tan Sris and a Datuk Seri had been arrested to assist investigations into the matter since April. More than RM3.5 billion worth of assets — including a hotel, durian farms, luxury vehicles, watches, and bank accounts — had been seized and frozen. The MBI Group International was founded by Tedy Teow, a businessman dubbed "Jho Low 2."
The Star
30-05-2025
- Business
- The Star
Another Tan Sri linked to MBI nabbed, RM527mil seized
KUALA LUMPUR: An additional RM527.5mil in assets linked to MBI International Group have been seized and frozen by police, bringing the total value of assets recovered to RM3.8bil. Three more people, including a businessman with the Tan Sri title, are the latest ones arrested to assist in investigations into an investment fraud scheme involving MBI under Op Northern Star. Bukit Aman Commercial Crime Investigation Department acting director Datuk Seri Muhammed Hasbullah Ali said the three suspects, aged 46, 54 and 58, were arrested in Kuala Lumpur and Penang between May 1 and 17. 'The three individuals acted as proxies who run various businesses to launder money accrued from the syndicate's fraud. 'Police have also frozen assets and properties believed to be the proceeds illegally acquired through a Ponzi scheme worth RM527,468,296.11,' he said here yesterday, Bernama reported. Big haul: Muhammed Hasbullah (second from right) showing some of the seized items, with a whiteboard showing the bigger items, during a press conference. — Bernama Among the assets and properties are four luxury yachts worth RM36.3mil, 477 properties (RM150mil), four condominium units (RM12mil), 37 bank accounts (RM328,088,127.11) and cash (RM283,070). With the arrests, the number of individuals detained in the MBI investment fraud case stands at 17, with total assets frozen and seized amounting to RM3.81bil. Muhammed Hasbullah did not rule out the possibility of further arrests and asset seizures. Asked if any politician was involved in the syndicate, he said none had been identified so far but did not dismiss the possibility pending further investigation. Earlier this month, The Star reported that a Tan Sri was arrested for alleged involvement in the MBI investment scam. His arrest brought the total of those detained in the ongoing investigation to 14 people. The 53-year-old man, who was detained in Penang on May 1 after he returned from overseas, is believed to be either a syndicate proxy or a business partner of the suspects. The daily had also previously reported that two other prominent businessmen with Tan Sri titles and a Datuk Seri were already in custody. The arrests of the earlier 13 suspects were made between March 21 and April 21, which has seen RM3.5bil in assets including a hotel and durian plantations linked to the MBI investment scheme previously seized. Among the assets seized then were durian plantations in Pahang, Penang and Kedah worth RM223,624,167.75. An additional 299 bank accounts with RM123,614,594.35 were also frozen, he added. All these assets are believed to have been purchased or had links to the proceeds from the scheme's illegal gains.
Barnama
30-05-2025
- Business
- Barnama
Ponzi Scheme: Tan Sri Among Three More Arrested, RM500 Mln In Luxury Assets Frozen
KUALA LUMPUR, May 30 (Bernama) -- Three more individuals, including a businessman with the title of Tan Sri, have been arrested to assist in investigations into an investment fraud scheme involving MBI International Group (MBI) under Op Northern Star. Bukit Aman Commercial Crime Investigation Department acting director Datuk Seri Muhammed Hasbullah Ali said the three suspects, aged 46, 54 and 58, were arrested in Kuala Lumpur and Penang between May 1 and 17. 'The three individuals acted as proxies who run various businesses to launder money accrued from the syndicate's fraud.
The Star
30-05-2025
- Business
- The Star
MBI scam: Tan Sri among three more arrested, RM500mil in luxury assets frozen
KUALA LUMPUR: Three more individuals, including a businessman with the title of Tan Sri, have been arrested to assist in investigations into an investment fraud scheme involving MBI International Group (MBI) under Op Northern Star. Bukit Aman Commercial Crime Investigation Department acting director Comm Datuk Seri Muhammed Hasbullah Ali said the three suspects, aged 46, 54 and 58, were arrested in Kuala Lumpur and Penang between May 1 and 17. "The three individuals acted as proxies who run various businesses to launder money accrued from the syndicate's fraud. "Police have also frozen assets and properties believed to be the proceeds illegally acquired through a Ponzi investment pyramid scheme worth RM527,468,296.11,' he told a press conference here on Friday (May 30). He said among the assets and properties were four luxury yachts worth RM36.3mil, 477 properties worth RM150mil, four condominium units (RM12mil), 37 bank accounts (RM328,088,127.11) and cash (RM283,070). With the arrests, the number of individuals detained in the MBI investment fraud case stands at 17, with total assets frozen and seized amounting to RM3.81bil. Meanwhile, Comm Hasbullah did not rule out the possibility of further arrests and asset seizures. Asked whether any politicians were involved in the syndicate, he said none had been identified so far but did not dismiss the possibility pending further investigation.- Bernama
Malaysiakini
03-05-2025
- Business
- Malaysiakini
Cops nab another 'Tan Sri' over MBI Ponzi scheme
Police have arrested another individual with the title 'Tan Sri' suspected of involvement in the MBI International Group Ponzi scheme investment fraud, marking the latest development in the ongoing investigation. Bukit Aman's Commercial Crime Investigation Department acting director Hasbullah Ali confirmed the 53-year-old Penang property company chairperson was detained on Thursday and remanded for five days to assist investigations...
