Thailand extradites Malaysian fugitive to China over US$14 billion cryptocurrency scam

Beijing calls handover of Tedy Teow a ‘positive example’ for cross-border crime-busting efforts

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Tedy Teow is the first suspect in an economic crime that Thailand has turned over to China since an extradition treaty between the two countries took effect 25 years ago. Photo: CCTV

Published: 9:24pm, 23 Aug 2024Updated: 9:34pm, 23 Aug 2024

A Malaysian businessman accused of leading a fraud syndicate has been extradited from Thailand to China in a case involving more than 100 billion yuan (US$14 billion).

He is the first suspect in an economic crime that Bangkok has turned over to Beijing since an extradition treaty between the two countries took effect in 1999, according to the Chinese Ministry of Public Security.

“The successful extradition … is of landmark significance to the consolidation and deepening of law enforcement and judicial cooperation between China and Thailand,” the ministry said on Friday, calling the move a “major achievement”.

The ministry said the suspect was sent to China on Tuesday and only gave the man’s surname: Zhang. This was a reference to Zhang Yufa, better known as Tedy Teow Wooi Huat, the founder of the business conglomerate MBI Group.

Following an investigation, Teow is suspected of running a pyramid scheme and defrauding people, many of them thought to be Chinese nationals, out of money by tricking them into buying MBI’s unlicensed and unrecognised cryptocurrency.

More than 10 million investors have fallen prey to the scheme since 2012, and the money involved amounted to over 100 billion yuan, according to the ministry.

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