KUALA LUMPUR: Six more suspects, including a Datuk Seri and two Datuks, have been arrested in the latest swoop targeting the investment fraud scheme associated with MBI International Group.
Inspector-General of Police Datuk Seri Mohd Khalid Ismail said the six were arrested between July 26 and Aug 15 under the Ops Northern Star umbrella.
He revealed at a press conference in Bukit Aman yesterday that the arrests took place nationwide and several suspects have been granted police bail following the end of their remand period.
The latest three VIP suspects were also found to have companies listed on Bursa Malaysia, with interests in housing development and telecommunications.
“It is believed that they have acted as proxies and the large sums of money brought in was laundered by investing in other business such as plantation purchases. These profits will then be declared as profits for their companies,” said Mohd Khalid.
The police are also investigating the source of the money that the suspects had allegedly laundered.
The remaining suspects who were arrested during the latest round included plantation caretakers and a plantation accountant.
A real estate business was also targeted in the latest round of seizures, bringing the total number of businesses seized to nine, including two linked to oil palm and durian farming, and two related to the hotel industry.
A further 88 bank accounts with RM10,538,160.96 and 398.8 million shares worth RM88,857,452 were also seized in the latest round of investigations as well as RM300,600 in cash.
“The value of the assets seized in this round is RM97,696,212.96. In total, the operation as a whole has seized and frozen around RM6.6bil in assets,” said Mohd Khalid.
The operation also saw the seizure of 19,720.038 acres (7,980ha) of plantation land in Kedah, Penang and Kelantan.
The IGP believes the investigations can be concluded by October, with the suspects being charged by then as well.
On May 30, IGP secretariat’s Anti-Money Laundering division head Comm Datuk Muhammad Hasbullah Ali revealed that several people, including entrepreneurs with the titles “Tan Sri” and “Datuk Seri”, were arrested between March 21 and April 21 in connection with the MBI investment fraud case, with assets worth RM3.81bil frozen and seized.
Among the assets and properties seized then were four luxury yachts worth RM36.3mil, 477 properties (RM150mil), four condominium units (RM12mil), 37 bank accounts (RM328,088,127.11) and cash (RM283,070).
In addition, durian plantations in Pahang, Penang and Kedah worth RM223,624,167.75 were seized, and 299 bank accounts with RM123,614,594.35 were frozen.
These assets are believed to have been purchased or connected to the proceeds from the scheme’s illegal gains.
MBI founder Tedy Teow, who is now in custody in China, launched the MBI empire in 2009.
Teow had crafted MBI’s image as a legitimate conglomerate with interests in property, including high-end residential and retail spaces across Malaysia and in Danok, Thailand.
