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Investigation into Mobility Beyond Imagination (MBI) Ponzi Scheme Expands to Penang World City Project
The investigation into the Mobility Beyond Imagination (MBI) Ponzi scheme, a fraudulent financial scheme that originated in Penang, Malaysia, has taken a new turn as authorities focus on the connections between the scheme and the Penang World City (PWC) project.
The Penang Development Corporation (PDC), the state agency involved in land transactions for the PWC project, is cooperating fully with Bukit Aman’s Anti-Money Laundering (AMLA) special task force as part of a nationwide probe into suspicious fund flows linked to MBI.
The focus of the investigation is on payments made by Mutiara Metropolis Sdn Bhd (formerly Tropicana Ivory Sdn Bhd) to PDC between 2011 and 2019 concerning land purchases for the Penang World City development.
PDC chairman and Penang Chief Minister Chow Kon Yeow confirmed that the land sales followed established procedures via open tender and that PDC itself had no direct involvement in the MBI scam, though it is cooperating to assist with tracing suspicious funds connected to MBI.
Investigators are specifically examining whether some of the funds paid to PDC were derived from MBI’s fraudulent activities, given Mutiara Metropolis’s connection to the MBI-linked network.
The PWC project is a large-scale development on reclaimed land, currently about 68% reclaimed, with an overall development progress of 44%. It was launched in 2011 and involves significant commercial activities that have drawn scrutiny due to potential money laundering tied to the MBI scheme.
The investigation is part of a broader operation, with Bukit Aman revisiting several Penang-based companies associated with MBI after receiving fresh intelligence from Chinese authorities, as MBI's founder, Tedy Teow, is under custody in China facing fraud charges.
So far, 17 suspects, including key Penang real estate figures linked to MBI, have been detained, with assets such as bank accounts (amounting to RM10 million) frozen and luxury vehicles seized.
Investigations are ongoing at a national level, with PDC and other parties submitting extensive documentation, including financial records and meeting minutes, to assist law enforcement in tracing the proceeds of the Ponzi scheme through real estate transactions.
The MBI scheme was launched by Tedy Teow in 2009. Teow, also known as Zhang Yufa, may face possible life imprisonment if convicted of fraud under China's Anti-Money Laundering Law. Teow's modus operandi involved using the Hawala system to transfer money internationally without physical cash movements.
Teow's brother-in-law Tan Kim Hee was a partner in the PWC project launched in 2011. Authorities froze Tan's company's bank accounts totalling RM10 million and seized two luxury vehicles - a Mercedes-Benz GLE 450 Coupe and a BMW 330Li.
Lawyers reportedly handled screening and documentation before approving partial payments to placate investors. The intelligence shared by Chinese authorities and recent arrests made during Ops Northern Star are contributing to the new investigations.
The MBI investigation involves revisiting several Penang-based companies. Teow's lieutenants ensured major property projects in Malaysia and Thailand proceeded smoothly. The reclaimed land development near Pulau Jerejak off Penang island is one major project under scrutiny.
MBI offered free holidays to destinations like Italy and Dubai as a means to attract wealthy investors, with the requirement that participants top up their investments by up to RM100,000. Police detained Tan Kim Hee on April 2 for questioning, but he was released five days later.
The investigations are being led by Bukit Aman’s Anti-Money Laundering division. Tedy Teow, the mastermind of MBI, created a pyramid business structure using proxies to manage investments worth billions. The investigation into the MBI Ponzi scheme and its connections to the Penang World City project is ongoing.
- The MBI investigation, which involves tracing the proceeds of a Ponzi scheme, has extended to the Penang World City project in Malaysia.
- The Penang Development Corporation is cooperating with authorities in an anti-money laundering probe, focusing on funds connected to the MBI scheme and the Penang World City project.
- Suspects detained in the MBI investigation include key figures in Penang's real estate industry, and assets such as bank accounts and luxury vehicles have been seized.
- The importance of the Penang World City project, a large-scale development on reclaimed land, has drawn scrutiny due to potential money laundering tied to the MBI scheme.
- The MBI scheme, headed by Tedy Teow, promised free holidays and involved international wire transfers via the Hawala system. The investigation into MBI's connections to real estate transactions and the Penang World City project is ongoing.
