GEORGETOWN: A joint Malaysia-China operation, Op Northern Star, has dismantled a multi-billion-dollar Ponzi scheme led by MBI International Group, targeting mainly Chinese nationals. Malaysian police, acting on information from MBI’s detained founder Tedy Teow, extradited from Thailand and held in China since August, arrested 17 Malaysians, including Penang real estate tycoons. Assets worth RM3.8 billion, including RM527.5 million recently seized, have been frozen. The crackdown, discussed by Presidents Xi Jinping and Anwar Ibrahim during Xi’s April visit, has shaken Penang’s political and business circles, with China praising Malaysia’s efforts against online scams.
Ponzi Scheme
Table of Contents
Follow us on:
Read More News on Business News Malaysia
Read More News on SG Business News
Read More News on World Future TV
