KUALA LUMPUR (Jan 22): A total of 23 individuals, including Tan Sri and Datuk Seri titleholders, have been arrested in connection with the MBI Group Ponzi scheme, with RM6.65 billion in assets seized, Deputy Finance Minister Liew Chin Tong said.

The arrests follow a series of crackdowns conducted last year on the large, scale, now-defunct scheme under an operation code-named “Op Northern Star”, led by Bukit Aman’s anti-money laundering division.

In addition, authorities filed a notice at the Butterworth High Court on Dec 24, 2025, seeking forfeiture of 642 properties and bank accounts belonging to the children of MBI founder Tedy Teow Wooi Huat under Section 56(1) of the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 (AMLA).

“[The assets of Teow’s children] are valued at over RM1.25 billion,” Liew said during a Special Chamber session in the Dewan Rakyat on Wednesday.

Liew was responding to Klang Member of Parliament Ganabatirau Veraman, who raised questions about the MBI scheme and the government’s enforcement responsibilities.

MBI, a Penang-based Ponzi scheme founded by Teow, operated from approximately 2012 to 2018. It is considered one of the largest financial frauds in the region, defrauding an estimated two million to 11 million people globally, primarily in China, Malaysia, and Thailand.

Teow has been in custody in China since August 2024, following his extradition from Thailand, and is charged with defrauding about two million Chinese nationals.

On Thursday, Liew said Malaysia is pursuing active mutual legal assistance cooperation with Chinese authorities.

Investigators and deputy public prosecutors are currently in Chongqing, China, from Jan 19 to 23, 2026, to further the investigation and obtain foreign conviction certificates to strengthen Malaysia’s prosecution cases, he noted.

The police have also offered compounds totalling RM339.5 million to involved proxies, of which RM131.5 million has already been paid, as part of a strategy to recover illicit proceeds and ensure those complicit face appropriate penalties.

“The government, through PDRM (the Royal Malaysian Police), is committed to maximising asset forfeiture under Section 56(1) of AMLA, a move critical to ensure seized assets are returned or used in accordance with the law for public benefit,” Liew said.

Liew said the government is strengthening oversight against investment scams through two key safeguards. The National Scam Response Centre, linked to hotline 997, enables authorities to quickly restrict fund flows upon receiving complaints.

Meanwhile, the Bank Negara Malaysia Financial Consumer Alert List and the Securities Commission Malaysia’s daily updated Investor Alert List provide enhanced protection for investors.

The government has also launched the National Financial Literacy Strategy 2026-2030 (NS2.0). The fourth strategic focus of NS2.0 aims to equip citizens with risk-management skills in the digital economy, helping them avoid falling prey to pyramid schemes and other fraudulent scams, Liew added.

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