This cover story from the Edge caught my attention:
According to news reports, more than two million victims in China are estimated to have been deceived into investing in MBI. The investments reportedly totalled RM300 billion, way more than what was siphoned away in the 1Malaysia Development Bhd (1MDB) scandal.
A banker points out that it would have been difficult for so much money to come into Malaysia without attracting the attention of Bank Negara.
“This incident happened after 2015, when Bank Negara was already under scrutiny for not raising a red flag when money came into the account of former prime minister Datuk Seri Najib Razak. Surely, if that kind of money flowed into MBI’s accounts in Malaysia, it would have caught the attention of the central bank,” he says.
Bank Negara investigated companies under MBI and its principal officers for money laundering activities and other offences related to financial services. Finally, Teow, his son, another director and two companies — MFace International and MBI Marketing — were fined a total of RM20 million in August 2018 for undertaking unauthorised payment activities.