Tedy Teow, head of the MBI International Ponzi scheme, has been arrested in Thailand. Authorities allege Teow was caught laundering money from his online gambling business.
MBI International @ BehindMLM
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 [Continue reading…]
BehindMLM published its MBI International review back in mid 2016. Over the course of 200+ comments, a number of die-hard investors defended the Ponzi scheme. Following the arrest of founder Teddy Teow and MBI’s collapse, investors are only now beginning to realize their losses.
Following criminal charges being filed against Teddy Teow back in May, promotion of the MBI International Ponzi scheme appears to have shifted to New Zealand. This has attracted the attention of the Financial Markets Authority, who yesterday issued an “unregistered business” warning.
The Bank of Malaysia has charged MBI International Ponzi boss Teddy Teow with two counts of financial fraud.
An ongoing investigation by Malaysian authorities has revealed the MBI Ponzi scheme saw 350,000 affiliates lose 700 million MYR ($165 million USD). MBI was a Ponzi scheme based on GRC Unit Ponzi points. MBI affiliates invested up to $35,000 in GRC Units, the internal value of which was set by MBI.
MLM Regulation appears to be a bit ass-backwards in Malaysia. After seizing over $40 million dollars and arresting MBI International founder Teddy Teow, Malaysian authorities released him and claimed they were still investigating. Now the Domestic Trade, Cooperatives and Consumerism Ministry has provided an update on the situation.
Amid an ongoing investigation by Malaysian authorities that saw raids conducted on MBI malls earlier this month, now news that a “top official” has been arrested. Malaysian authorities haven’t identified the arrested individual. From the sounds of it though, there’s little doubt they’ve nabbed MBI International founder Teddy Teow.
Following the Central Bank of Malaysia adding MBI International to their national alert list earlier this month, over the last few days police have conducted raids and seized millions of dollars.
Nine years after it launched in 2009, Malaysia’s top financial regulator has finally taken action against MBI International. Bank Negara Malaysia is pretty much Malaysia’s SEC equivalent and regulates the country’s financial sector. On May 22nd, the bank added MBI International and M Face International to its consumer alert list.