China Deports MBI Founder from Thailand in $13B Crypto Crime

China has deported the first suspect of the crypto crime, an MBI group founder from Thailand. As per local media outlet, the suspect was a part of an MBI Group that issued a digital currency pyramid scheme, having more than 10 million , and involving more than 13 billion US dollars.

On August 20, the Ministry of Public Security’s “Fox Hunting Operation” group deported Tedy Teow Wooi Huat, a major crypto crime suspect, for the organization and execution of pyramid selling activities, from Thailand to China. The crime was busted with the help of local departments, the Chinese Embassy in Thailand and Thai law enforcement agencies.

Tedy Tow. Image Courtesy: thevibes.com

This is the first instance of an economic crime suspect extradited from Thailand by China after the China-Thailand Extradition Treaty was put into action in 1999.

The local media reported that since 2012, the MBI Group, led by the criminal suspect Tedy, who is a Malaysian citizen, asked participants to pay 700 to 245,000 yuan to get application hip by “issuing virtual digital currency, using high rebates as bait, and using the number of developed and the amount of funds invested as a method of remuneration or rebate basis to carry out illegal online pyramid schemes.”

Over 10 million are a part of the MBI group, and the accumulated funds involved is more than 100 billion yuan.

In November 2020, the Chongqing Municipal Public Security Bureau first filed a case against Tedy and in March 2021, the Interpol China National Central Bureau issued a red notice against him.

On July 21, 2022, the Thai police arrested Tedy. Following this, China made a deportment request to Thailand. On 21 May 2024, the Thai Court of Appeal made a final ruling to deport Tedy to China.

“Operation Fox Hunt” is deemed as a major achievement in China-Thailand law enforcement and judicial cooperation.

In Malaysia, the officials have frozen 91 bank s associated with MBI Group International, valued at RM177mil. Bank Negara, the Central Bank of Malaysia, had listed MBI as a company running a dubious financial scheme.

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Ritu Lavania
Written by Ritu Lavania

Ritu Lavania is a versatile Web3 content creator with over three years of experience in the crypto space. She is part of the team at CryptoNewsZ, where she writes insightful and engaging content. She has also contributed to TheCryptoTimes and The Coin Edition, where her work has been well received by the crypto community. Skilled in research, creative writing, SEO, and cross-functional collaboration, she creates content tailored to diverse audiences. ionate about education, she dedicates time to teaching kids and expressing herself through poetry. Always eager to learn, she continuously explores new trends in blockchain and digital assets. She believes in the power of storytelling to make complex crypto topics more accessible and engaging for readers worldwide.