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 a MBI Group that issued a digital currency pyramid scheme, having more than 10 million members, 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.
This is the first instance of an economic crime suspect extradited from Thailand by China after the China-Thailand Extradition Treaty put into action in 1999.
The local media reported that since 2012, the MBI Group, led by the criminal suspect Tedy, asked participants to pay 700 to 245,000 yuan to get application membership by “issuing virtual digital currency, using high rebates as bait, and using the number of members 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 members 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 accounts 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.
Also Read: China’s Supreme Court Lists Virtual Assets as a Money Laundering Method
Source: https://www.cryptonewsz.com/china-deports-mbi-thailand-crypto-crime-13b/