Authorities have formally charged Teddy Teow, founder of the MBI International Ponzi scheme, with two counts of financial fraud.
The Bank of Malaysia launched its internal investigation after red flags emerged about the operation. In May 2017, officials placed MBI International on an alert list and intensified their scrutiny. That investigation led directly to Teow's appearance in Sessions Court on the fraud charges.
According to court documents, MBI Marketing Sdn Bhd and Mface International Sdn Bhd issued electronic money without proper authorization between June 3, 2012 and March 17, 2018. Both companies violated Section 25(1)(c) of the Payment Systems Act 2003—a provision that explicitly requires regulatory approval for such operations.
Teow, whose full Malaysian name is Teow Wooi Huat, pleaded not guilty. The court released him on bail but confiscated his passport to ensure he remains in the country during proceedings. If convicted, he faces a maximum RM 5 million fine and up to five years in prison.
The fraud charges are just one part of a wider criminal investigation. Police arrested Teow last June as that parallel investigation progressed. That criminal probe continues.
🤖 Quick Answer
Who is Teddy Teow and what are the charges against him?Teddy Teow, founder of MBI International, has been formally charged with two counts of financial fraud by Malaysian authorities. He appeared in Sessions Court following an investigation by the Bank of Malaysia, which discovered unauthorized electronic money issuance operations spanning from 2012 to 2018.
What violations did MBI International commit?
MBI Marketing Sdn Bhd and Mface International Sdn Bhd issued electronic money without proper regulatory authorization, violating Section 25(1)(c) of the Payment Systems Act 2003. This provision explicitly requires government approval before conducting such financial operations.
How was the MBI International scheme discovered?
The Bank of Malaysia initiated an internal investigation after identifying suspicious red flags in MBI International's operations. In May 2017, authorities placed the company on an alert list and increased
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