Thailand has taken Tedy Teow, the man in charge of the MBI International Ponzi scheme, into custody. It’s been reported that Teow was busted trying to launder money he made from internet gambling.
The Bangkok Post reported that Malaysian billionaire Teow Wooi Huat, also known as Tedy, was detained early Friday morning at the headquarters of his MBI Group empire in the Sadao area of the southern province. According to Pol Lt. Gen. Surachate Hakparn, an assistant to the national police chief, 55-year-old Mr. Teow was accused of money laundering in connection with internet gambling in southern Thailand.
In 2017, Malaysian authorities shut down MBI International, a Ponzi scam with a $165 million dollar fund. In 2017, police in Malaysia detained Teow. The charges of money laundering and financial fraud were brought against him in court in 2018.
Teow was released on bail for an unknown reason, and he soon left for either Malaysia or Macau. Teow used “high-end property” in Malaysia and Thailand to launder his MBI International profits.
In 2021, Macau authorities finally caught on to Teow’s scheme and filed a criminal prosecution against him for $83 million in money laundering.
In Macau, people were duped into putting their money into fake companies by a syndicate led by Mr. Teow, police think.
Because of this, Teow fled Macau and settled in Thailand, where he led an opulent lifestyle.
On drug accusations, he was detained by Malaysian police in 2017.
His whereabouts in Thailand were also a mystery, as was the fate of the charges against him.
I’m confident that you can combine Teow with Teow.
If Thailand does better than Malaysia and Macau in putting Teow in prison, we will have to wait and see what the results will be.