BANGKOK, Thailand – A Malaysian businessman accused of leading a massive fraud syndicate has been extradited from Thailand to China in a case involving more than 100 billion yuan (US$14 billion). The man, identified by the Chinese authorities as Zhang Yufa, also known as Tedy Teow Wooi Huat, is the founder of the business conglomerate MBI Group. He is accused of operating a pyramid scheme that defrauded over 10 million investors, many of them Chinese nationals, through an unlicensed cryptocurrency.
China’s Public Security Ministry has hailed the move as a major step in strengthening law enforcement and judicial cooperation between the two nations. Thai police arrested Zhang in July 2022 after he fled Malaysia, and a Thai court approved his extradition to China in May 2023.
The case has drawn international attention, with Kuala Lumpur also seeking Zhang’s deportation to Malaysia, where he is wanted on similar fraud charges. However, China’s request was submitted first, leading to his transfer to Beijing. MBI Group had previously made headlines when about 100 Chinese nationals protested outside Beijing’s embassy in Malaysia, claiming they had lost their life savings to the firm.
China’s top diplomat, Wang Yi, has called for intensified cooperation to combat cross-border crimes, such as online gambling and telecom fraud, during recent talks with counterparts from Thailand, Laos, and Myanmar. The Lancang-Mekong Cooperation Forum has stressed the need for greater collaboration among member countries, including Cambodia and Vietnam, to tackle transnational crime and improve information sharing and border controls. (NNT)
