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
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.
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.
Authorities in the southwest Chinese megacity of Chongqing launched an investigation into Teow in late 2020, and months later the China bureau of Interpol, the International Criminal Police Organisation, issued a worldwide wanted notice for him.