Another ‘Tan Sri’ Targeted, RM347 Million in Assets Seized in MBI Scam

Malaysia‘s police are stepping up their investigation into the MBI investment scam, a multi-billion ringgit fraud that has dragged on for nearly a decade. The Royal Malaysian Police (PDRM) is now planning to arrest another prominent figure with the ’Tan Sri, following recent arrests and major asset seizures.

From 18 to 21 April 2025, five people were taken into custody, including one ‘Tan Sri’ and a “Datuk Seri”. They are being held for five to six days to assist with the investigation. According to police sources, another ‘Tan Sri’ is currently overseas and is known in the property development industry. He is expected to be arrested soon.

The police believe that one of the arrested ‘Tan Sris’ acted as a middleman between the scam organisers and their victims. Another ‘Tan Sri’, who was previously arrested, is accused of tricking one of the suspects into paying money to avoid being caught. He is not thought to be directly involved in the scam itself.

During the latest round of enforcement, police seized RM347 million in assets. This included durian plantations in Pahang, Penang and Kedah worth over RM223 million. They also froze 299 bank accounts holding more than RM123 million. These assets are believed to have been bought with money made through the scam.

Earlier in April, police arrested eight Malaysians (seven men and one woman), who were also linked to the MBI scheme. At that time, the authorities froze RM3.17 billion worth of assets. These included over 600 bank and share trading accounts with RM1.16 billion, and 35 properties worth RM2.01 billion.

These arrests followed a series of cross-border raids in March, part of an operation called “Op Northern Star”. The raids were launched under an Interpol Red Notice. They revealed deeper links between the MBI scheme and some well-known business figures. Investigators found documents showing connections to property and share deals involving listed companies.

Some of the documents seized were linked to the RM10 billion Penang World City project in Bayan Mutiara. This development was once tied to Hemat Tuah Sdn Bhd, a company connected to MBI founder Tedy Teows family. Authorities also found links to investments in listed firms such as Mayu Global Group Bhd and HHRG Bhd. Both companies have since changed management and are no longer connected to MBI.

The MBI case appeared to be nearing its end last year when Teow was extradited to China. But the latest moves by the police show that many people and companies may still be involved. Despite only six police reports being filed across the country, the investigation has continued for over seven years.