What the police call the Big Macau Scam, Teddy Teow Wooi Huat aka Jho Low 2 and his 2 sons, and money laundering…

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Tashny Sukumaran

Published: 9:00am, 12 Jan, 2021

An enigmatic Malaysian businessman with links to the rich and famous disappears, apparently fleeing the country and leaving in his wake hundreds of millions of missing ringgit, a string of angry investors and a host of questions about how this could have been allowed to happen.

You could be forgiven for thinking this is Low Taek Jho, or “Jho Low”, whose alleged plundering of the Malaysian state investment fund 1MDB and links to Hollywood celebrities inspired the book ‘Billion Dollar Whale’.

But in fact this is “Jho Low 2”. Or at least that is how the Malaysian media are referring to businessman Tedy Teow Wooi Huat following the news he is wanted in connection with a 336 million ringgit (US$83 million) money-laundering scam in Macau.

The comparisons with Jho Low and the allegations against Teow are colourful to say the least. Like Low, Teow hails from Penang and appears to have had a penchant for the silver screen. While Low invested US$100 million in the Hollywood movie The Wolf of Wall Street, a Hong Kong movie database gives Teow a presenting credit for All My Goddess, a Cantonese-language film starring Maggie Cheung Ho-yee.

Police believe Teow, 55, was the mastermind behind a syndicate that tricked people in the Chinese Special Administrative Region into investing their money in bogus companies, the “directors” of which were apparently drug users paid 15,000 ringgit (US$3,700) a month by Teow.

The investments would then be filtered through a series of “mule” accounts, to make them harder to track, before eventually being used to purchase high-end property in Malaysia and neighbouring Thailand and to invest in cryptocurrency.

Malaysian police on January 3 announced they had arrested 12 of the bogus directors in December and tracked down 91 of the mule bank accounts.

Johor state police chief Ayob Khan Mydin Pitchay said the investigation had revealed one Malaysian property developer had been paid 25 million ringgit from these accounts as part of a purchase of 100 luxury condominiums and commercial units in George Town, Penang.

For more:

https://www.scmp.com/week-asia/politics/article/3117283/jho-low-2-malaysia-says-tedy-teow-has-fled-thailand-after-us83

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Ketua Polis Johor, Datuk Ayob Khan Mydin Pitchay berkata, suspek utama ialah Teddy Teow Wooi Huat, 55, manakala dua lagi anak lelakinya Teow Ee Meng, 30, dan Teow Chee Chow, 32, iaitu pengendali dua syarikat yang membeli hartanah berkenaan.

Artikel Penuh : https://www.sinarharian.com.my/article/117387/BERITA/Semasa/Tiga-beranak-dalang-sindiket-Macau-Scam-diburu-1.117387
© 2018 Hakcipta Terpelihara Kumpulan Karangkraf

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Bernama -January 3, 2021 10:00 PM

JOHOR BAHRU: Police here have broken a “Macau scam” syndicate that laundered its illicit gains, said to be worth RM336 million, through a network of bank accounts, and 12 people have been arrested in a series of raids last month.

Johor police chief Ayob Khan Mydin Pitchay said nine men and three women, all locals aged 29 to 68, were arrested in Penang and Kuala Lumpur between Dec 3 and Dec 21. They were all directors of companies linked to the syndicate.

The syndicate was said to have used a network of mule bank accounts to transfer money deposited by unwary victims.

The police have managed to trace 91 accounts used in the scam, 18 of them belonging to individuals and 73 company accounts, belonging to two companies, managed by the syndicate’s mastermind and his two sons.

The proceeds were then used to invest in cryptocurrency and to purchase properties.

Ayob Khan said the syndicate’s activities were exposed after the police received reports from victims in Pontian and Nusa Bestari involving losses of RM2.31 million.

“Further investigations revealed that a property developer had received payments of RM25 million from 91 bank accounts linked to the syndicate.

“The payment (RM25 million) is part of the purchase price of 100 luxury condominiums and commercial units in George Town, Penang,” he told reporters at a media conference here today.

He added that all 12 individuals arrested last month were released on bail. The mastermind, however, is believed to have fled the country and is currently in Thailand.

Ayob Khan said police are looking for the father and sons.

https://www.freemalaysiatoday.com/category/nation/2021/01/03/macau-scam-crooks-amassed-rm336-million-say-police/

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The True Net

MBI Founder Tedy Teow’s Son Held at Knifepoint for Return of Money Game Cash

By Anne Ng -November 6, 2019

Three men, believed to be Chinese nationals, held up the son of a businessman at knifepoint.

The trio, described as “burly”, scaled the perimeter fence and landed in the compound of the home of MBI International SDN Bhd founder Tedy Teow Wooi-Huat on Jalan Bukit Gambir on Monday.

Northeast district police chief ACP Che Zamani Che Awang said in the 7 pm incident, Teow’s 28-year-old son Adrian was returning home and was about to open the gate when he saw the three men climbing over his neighbour’s fence into his compound.

They then held a knife to Adrian’s waist and forced him into the house.

They instructed Adrian to sit in the living room and told him in Mandarin they only wanted their money back.

They claimed that Tedy had defrauded many people from China through an investment scheme that did not yield any returns.

Adrian informed them that he had nothing to do with the money games as he merely managed a hotel in town.

However, they told him to unlock his mobile phone and download a cryptocurrency app, create an account and transfer all his savings to the account.

“Since, the account could not be activated, the suspects then forced the victim to transfer all his money from his account to their accounts. However, the victim informed them that the transaction limit was only RM10,000 and had to go the bank to make further withdrawals,” Zaimani said.

The suspects then directed the victim to contact his father to ask for their investment money back but the call went unanswered.

Just then Adrian’s mother arrived home with their driver Iznol Farid Hamdan.

Zaimani said the victim suggested contacting his mother’s driver as the driver could locate his father.

“While one of the suspects was speaking to the driver, the victim screamed for help,” he said.

Adrian raising the alarm prompted Iznol to drive his mother to safety before he returned to the house to try tackle the three intruders.

A struggle ensued, during which one intruder allegedly hurled what looked like dynamite in the driver’s direction.

The trio then fled in blue a Perodua Axia, taking the man’s phone with them.

Adrian and Iznol gave chase but failed to catch up with the suspects.

http://www.thetruenet.com/news/mbi-founder-tedy-teows-son-held-at-knifepoint-for-return-of-money-game-cash/

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The Star

MBI founder jailed before for cheating and misleading investors


By TAN SIN CHOW and CRYSTAL CHIAM SHIYING

Friday, 02 Jun 201712:00 AM MYT

GEORGE TOWN: MBI Group International founder Tedy Teow Wooi Huat, 51, is no stranger to controversy – he was a key figure in the Island Red Cafe franchise from 2008 to 2010.

Teow, whose company is currently under the spotlight for its virtual money scheme, and his son Chee Chow, 28, have been jailed before for cheating and misleading investors in the cafe chain scheme.

In August 2011, the Ampang Sessions Court in Kuala Lumpur sentenced both father and son to a day’s jail each and fined them a total of RM160,000.

Teow, who was Syarikat Island Red Cafe Franchise Sdn Bhd executive director then, and his son, also a director of the company, had pleaded guilty to fraudulently inducing 93 people to invest a total of RM1,040,400.

They committed the offence at the company’s premises in Pandan Indah in Ampang between Jan 1, 2008, and Feb 28, 2010.

MBI has come under the spotlight after it was red-flagged by Bank Negara on May 22 for having a questionable financial scheme.

The authorities then raided M Mall, a shopping mall which MBI runs here, and its M Square logistics centre in Ampang, Selangor, on Monday, and froze 91 bank accounts containing RM177mil linked to the company on Wednesday.

MBI has since urged its members to keep a low profile and not discuss the probe in public.

Members put money into its scheme and get a number of virtual coins in return.

After an “incubation period” of over a year, they can then convert these coins into loyalty reward points to spend on goods and services at retail establishments under the MBI umbrella, such as M Mall.

The scheme is said to give substantial returns each year and is believed to be the longest-running financial scheme founded in Penang.

Its membership is said to be in the millions, from countries such as China, Thailand, Indonesia, Singapore, the Philippines, Hong Kong, Taiwan and Malaysia.

Teow is believed to be from Penang.

https://www.thestar.com.my/news/nation/2017/06/02/no-stranger-to-controversy-mbi-founder-jailed-before-for-cheating-and-misleading-investors/

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1 Response to What the police call the Big Macau Scam, Teddy Teow Wooi Huat aka Jho Low 2 and his 2 sons, and money laundering…

  1. Pingback: What is the name of the private college in Penang caught in the Macau scam probe? | weehingthong

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