Malaysian authorities arrested MBI International founder Teddy Teow in June 2017.
He was arrested again by Malaysian authorities in May 2018.
Despite facing charges leading to at least five years in prison… Teow was released on bail and, you guessed it, promptly fled to Macau.
We know this because Teow is now wanted in Macau in relation to a $83 million dollar money laundering scam.
Following Teow’s initial arrest in 2017, MBI International essentially collapsed. Investor losses have been pegged at $165 million.
According to a January 12th report from the South China Morning Post, Teow’s Macau scam saw him “mastermind”
a syndicate that tricked people in (Macau) into investing their money in bogus companies, the “directors” of which were apparently drug users paid 15,000 ringgit (US$3,700) a month.
Teow (right) funneled the proceeds of his Macau scam back into Malaysia. There he used the funds to purchase “high-end property”.
On January 3rd Malaysian police announced they’d arrested twelve individuals in connection with Teow’s Macau scam. Ninety-one bank accounts used to launder funds have also been identified.
As for Teow, now wanted by both Malaysian and Macau authorities, he’s believed to have now fled to Thailand.
Officers believe Teow has fled to Thailand along with his two children, who have also been accused of involvement in the scam.
Will Thailand authorities track Teow down and finally make an arrest stick? Or is he going to set up a new scam and fleece Thailand out of millions too?
Stay tuned!