The MBI Investment Scheme—widely recognised as a Ponzi scheme—was recently dismantled by the Royal Malaysia Police (PDRM) under Operation Northern Star, involving the seizure of assets amounting to RM3.17 billion.
Total Assets Seized under Operation Northern Star: RM3,174,769,204.74 (RM3.17 billion)
Breakdown of Seized Assets:
Bank and Share Accounts – RM1,160,166,195.74
Properties (35 units) – RM2,005,900,000.00
Luxury Vehicles (10 units)
Luxury Watches (12 units)
Jewelry (2 pieces)
Mobile Phones (6 units)
Laptops (2 units)
Luxury Handbags (4 units)
Important Documents
Among the individuals arrested were four with the honorific title “Datuk” and two “Tan Sri”:
1. Tan Sri Datuk Seri Tan Kean Soon – Executive Deputy Chairman, T7 Global Berhad
2. Tan Sri Dato’ Dr Khor Eng Chuen – Chairman & Director, ECK Development Sdn. Bhd.
Operation Northern Star is directly linked to the fraudulent MBI Investment Scheme, masterminded by Malaysian scammer Tedy Teow.
Who is Tedy Teow? Tedy Teow, a notorious scammer, was arrested in Thailand on 22 July 2022 for alleged money laundering activities. He was wanted by both Malaysian and Chinese authorities.
Between 2008 and 2010, Teow was involved in the failed Island Red Café franchise investment scam. His infamous MBI International Sdn Bhd was later exposed in 2017, with 91 bank accounts and RM177 million frozen.
In 2018, he was fined RM2.5 million and RM3 million by Bank Negara Malaysia for financial misconduct involving unregulated financial instruments.
The fallout from the scam was so severe that hundreds of Chinese nationals protested outside the Chinese Embassy in Kuala Lumpur, demanding the return of their investments in MBI.
According to the South China Morning Post, Teow was linked to laundering RM336 million (USD 83 million) through a fraud network in Macau. The money was routed through multiple accounts and used to purchase luxury properties in Malaysia and Thailand, as well as cryptocurrency investments.
Extradition to China
On 20 August 2024, Teow was extradited to China—following a red notice issued by Interpol in November 2020—accused of defrauding over two million people, including many Chinese nationals. His case marks the first extradition under the China-Thailand extradition treaty active since 1999. He is now facing charges of large-scale fraud and money laundering under China’s strict economic criminal laws.
His extradition has reopened scrutiny into Operation Northern Star, which has implicated several high-profile public-listed company directors.
Tan Sri Dato’ Dr Khor Eng Chuen, Chairman of ECK Development Sdn. Bhd.
Previously, The Corporate Secret had revealed Tan Kean Soon’s involvement. He was arrested upon returning from Osaka, Japan, on 29 March, after allegedly promising to “resolve” a money laundering case tied to the MBI Ponzi scheme in exchange for RM25 million.
According to Datuk Muhammed Hasbullah Ali, Head of Bukit Aman’s AMLA Unit:
“The suspects claimed they had paid to have the case dropped, prompting us to investigate further. We confirmed that the ‘Tan Sri’ had already received RM10 million of the promised sum, which has since been recovered.”
What About Tan Sri Dato’ Dr Khor Eng Chuen?
The Corporate Secret had also profiled Khor as a business ally of Kedah Chief Minister Datuk Seri Sanusi through his involvement in the Kulim International Airport (KXP) project, which was suspended due to funding issues. Initially spearheaded by ECK Development Sdn. Bhd. with a budget of RM5–7 billion, the company failed to deliver, prompting Sanusi to announce a new SPV: Kedah Aerotropolis Holdings Sdn. Bhd.
However, this rebranding was deemed superficial as ECK Development still holds 80% of shares in the new SPV, and Khor remains its director. The company is alleged to have been funnelling illicit funds linked to Tedy Teow.
Is Datuk Eddie Ong Choo Meng of Hextar Group Involved?
Sources suggest that another key player managing Teow’s funds is Datuk Eddie Ong Choo Meng, Group CEO and Executive Director of Hextar Technologies Solutions Berhad. Known as an aggressive dealmaker, he has been involved in multiple public-listed companies on Bursa Malaysia.
Eddie Ong assumed his role at Hextar Technologies in January 2023, after stepping down from leadership roles in:
Hextar Global Bhd, Hextar Industries Bhd
Hextar Healthcare Bhd
He reportedly controls or holds stakes in numerous companies, including:
Opcom Holdings Bhd (formerly owned by Mukhriz Mahathir)
Classic Scenic Bhd
KIP Real Estate Investment Trust (REIT)
Pekat Group Bhd
SWS Capital Bhd
Perak Transit Bhd
…along with minority stakes in over 30 other listed companies.
Who’s Next?
With the scandal now exposing links between corporate figures, politicians, and a transnational fraud network, the full extent of Tedy Teow’s empire—and those who enabled him—remains to be seen.
This just reinforces how crucial financial literacy and due diligence are, especially when so many high-profile names are involved in these scams. Titles clearly don’t guarantee integrity.