MBI founder and son jailed before

Enforcement officers carting away seized documents and evidence at the M Mall management office on May 29, 2017. The MBI founder and his son were jailed before for cheating. – The Malaysian Insight pic, June 2, 2017.

MBI GROUP International founder Tedy Teow Wooi Huat and his son were jailed before for being key figures in the Island Red Cafe franchise from 2008 to 2010, The Star Online reported today.

Teow, whose company is currently under the spotlight for its virtual money scheme, and his son Chee Chow, 28, were sentenced to one day in jail each and fined a total of RM160,000 by the Ampang Sessions Court in August 2011.

They were found guilty of cheating and misleading investors in the cafe chain scheme by fraudulently inducing 93 people to invest a total of RM1,040,400.

MBI, a huge electronic shares platform operator, is now being investigated by various authorities for allegedly operating without a direct sales license, promoting a pyramid scheme and money-laundering.

Earlier this week, the Domestic Trade, Co-operatives and Consumerism Ministry announced that 91 accounts with RM177 million had been frozen for investigation.

The scheme was said to give substantial returns each year and is believed to be the longest-running financial scheme founded in Penang.

A check with the Companies Commission of Malaysia showed MBI International Sdn Bhd is registered under Teow Mooi Goay, 47, and Teow Ee Meng, 26, with Khoo Kien Hor, 47, as secretary.

The shareholders are Ee Meng and Chee Chow, with capital of RM1 million.

Ee Meng is also believed to be the son of Tedy Teow. – June 2, 2017.

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