Last month, it was JJPTR’s Johnson Lee making the news for the wrong reasons. Now, the next money scheme founder under the spotlight is MBI boss Tedy Teow.
- Father and son previously jailed and fined
- Instructed members to stay below the radar
- Members said to be in the millions from Asian countries
- Appears to be a family-run business empire
MBI Group International founder Tedy Teow Wooi Huat, 51, had a previous brush with the law when he and his son, Teow Chee Chow, 28, were jailed and fined.
In August 2011, father and son were sentenced by a Sessions Court to a day in jail and fined a total of RM160,000 after they admitted to two counts of cheating and misleading investors of over RM1 million in an Island Red Cafe scheme. They were charged a year earlier with fraudulently inducing 93 people to invest RM1,040,400 in the scheme.
This time around, MBI was red-flagged by Bank Negara on May 22 and investigated for operating a questionable virtual money scheme.
On Monday, authorities raided MBI’s M Square logistics centre in Ampang and M Mall “virtual money” shopping complex in Penang.
On Wednesday, RM177m in 91 bank accounts linked to the company were frozen.
Reacting to the actions by authorities, MBI instructed its members to maintain a low profile and not to talk about the probe in public.
Investors in the scheme get virtual coins, which after about a year, can be converted to points to redeem for goods and services from outlets under MBI such as M Mall. The scheme offers large returns a year and is touted to be the longest-running financial scheme founded in Penang.
Its members, speculated to be in the millions, are not only Malaysians but they also come from countries like Singapore, Thailand, Indonesia, Hong Kong, Taiwan, China and the Philippines.
According to the company’s website, Teow, who is said to be from Penang, established MBI Group International in 2009.
According to The Star, a hotel in Jalan Sultan Ahmad Shah and a Chinese restaurant in Jelutong are also said to be “closely associated” with the company as its members could use their points at both places.
Records from the Companies Commission of Malaysia (SSM) reveal that MBI International Sdn Bhd is registered under Teow Mooi Goay, 47, and Teow Ee Meng, 26. The company’s capital is RM1 million, with the shareholders being Ee Meng, believed to be also the son of Tedy Teow, and Chee Chow.
For now, it is still business as usual at the mall.
Related reports:
May 31, Freeze on RM177M in 91 MBI Bank Accounts
May 30, Dual Raids on MBI Stores
May 29, JJPTR Makes a Move While Investors Differ in Opinion
May 25, MonSpace Takes up Challenge to Take Action
May 25, Is This the Last We See of Johnson Lee?
May 24, Calls for MonSpace to Prove It is Legit
May 22, Disgruntled Chinese Nationals Arrive to Demand Action Against MonSpace
May 20, JJPTR Trio on the Move
May 19, JJPTR ‘Hack’ of a Lie!
May 18, Hunting Down Alex Wong
May 17, After Johnson Lee, the Heat is on for Alex Wong
May 16, Johnson Lee and Two Aides Arrested, Remanded Three Days
May 15, JJPTR Alleged Loss RM500M or RM1.7B?
May 12, JJPTR Raid, Bank Accounts Frozen
May 11, Johnson Lee Exalted Like a Modern-Day Robin Hood
May 5, The Johnson Lee Enigma: Super Salesman or Convincing Conman?
Apr 28, Another High Returns Scheme in Trouble!
Apr 26, DAP Issues 48-Hour Ultimatum to JJPTR
Apr 25, Game Over for JJPTR?