KUALA LUMPUR: Escorted by Thai and Chinese officers, Malaysian fugitive businessman, MBI Group founder Tedy Teow, has been extradited from Thailand to China.
According to Sinchew Daily, the Thai newspaper Thairath reported that Teow was taken from Bangkok prison on Tuesday (Aug 20) to board the 7.35pm (Thailand time) flight identified as CA960 to Beijing.
However, the flight was changed to FM835 to Shanghai a few hours earlier at 15.34pm.
Thai court ruled that Teow was to be extradited to China for 90 days from May 21.
Investors from China claimed that some two million people had been cheated by Teow involving a sum of 500 billion yuan (RM307bil).
Some of the investors flew to Malaysia in search of Teow in 2019 in a bid to recover their investments through MBI’s online pyramid scheme.
Through Interpol, the Chinese police sought to arrest Teow by issuing a red notice on Nov 9 2020.
The Malaysian authorities froze 91 bank accounts linked to MBI Group International, totalling RM177mil.
Bank Negara had listed MBI as a company running a dubious financial scheme.
Teow operates a hotel, theme park, furniture business, property development and entertainment complexes, including a resort in Danok at the Thailand-Malaysia border.
He also built a business empire from dubious online investment schemes that attracted investors from China, Thailand, Malaysia, Indonesia and Macau.
The Thai police arrested Teow on 21 July 2022 for allegedly operating an online casino and money laundering after raiding MBI’s office in Songkhla.
