Sun11192017

LAST_UPDATESat, 18 Nov 2017 8pm

[Videos] Who Is Tedy Teow, MBI's Founder?

Pic: mbiv2u.comPic: mbiv2u.com

Today's news headlines refer to the arrest of MBI 'top official' and founder as well as the seizure of RM27 million in his bank accounts.

Who is this 'top official' and what is MBI? Since the arrest, a series of videos have emerged to reveal the identity and background of the founder.

A video posted on Youtube on 30 March 2013 paints a glowing picture of a highly successful and vibrant investment group with a wide network of businesses.

Accompanied by an upbeat soundtrack, the video conveys an image of a fast-paced and dynamic company that is going places. The smokescreen worked, fooling investors to part with millions of ringgit in the last four years.

Another video posted on YouTube on 23 April 2013, titled “The Story of MBI International’s Boss” gives a deeper insight on the founder, Tedy Teow.

The video details the meteoric rise of this financial scheme, with MBI as an acronym for “Mobility Beyond Imagination”. Its founder is a larger than life individual introduced as entreprenuer Tedy Teow Wooi Huat.

According to the video excerpt published by The Star, the video is apparently a biography of Teow, who is portrayed as an enterprising schoolboy in the 1970s, bringing pencils, exercise books, combs and assorted items to sell at school.

Pic: China PressPic: China Press

In the 1990s, Teow made his move into the mobile phones industry by starting a chain of retail shops, CTI Mobile World, in Penang. The documentary details the many challenges and changing fortunes of the enterprising Teow, detailing his big plans for investments in China and mega property development deals in Penang and Thailand.

“The more you understand this platform, the more you will love it. The more you understand it, the more you will feel that this platform is unimaginable,” Teow implored to investors, The Star reports.

However, at the end of the day, it is yet another failed money game taking money from investors with empty promises.

Yesterday, Domestic Trade, Cooperatives and Consumerism Ministry enforcement director Datuk Mohd Roslan Mahayudin told reporters that the suspect, in his early 50s, was detained during a raid at an MBI premises in Kulim, Kedah.

Teow has been remanded for four days to assist investigations under the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001. Meanwhile a series of raids in the suspect's homes netted RM280,000 cash from the Butterworth premises as well as RM187,612 cash and a total of RM218,000 in assorted currency at the Kulim premises.

Pic: China PressPic: China Press

Also seized were three luxury vehicles – a Jaguar worth RM350,000, a Range Rover worth RM900,000 and a Toyota Vellfire worth RM300,000," he told a press conference, China Press reports.

Pic:China PressPic:China Press

In total, 98 bank accounts with RM209 million have been frozen while the holders of the accounts, comprising of 49 corporate and 49 individual accounts, will be questioned by the police.

MBI International Sdn Bhd and Mface International Sdn Bhd were included in Bank Negara’s latest list of 302 “known companies and websites" back in March this year as they were red-flagged as financial schemes not authorised nor approved by BNM.

They operate from the website http://www.mbiv2u.com/ and a check on the site indicate that MBI International Group and its subsidiary has business networks that spread across Asia, including China, Hong Kong, Taiwan and Thailand.

- mD