Seized Assets Over RM3.8bn! Three More Suspects Arrested for MBI Ponzi Scheme

Malaysian police have seized and frozen additional RM527.5 million in assets related to the Ponzi scam, MBI International Group. The total value of assets seized in the case has reached RM3.8 billion, with 998 bank accounts being frozen.

Earlier this month, Malaysian police arrested three other suspects in Kuala Lumpur and Penang in connection with MBI, including one with the title ‘Tan Sri’. So far, police have arrested 17 people suspected of running the Ponzi scheme.

Following the arrest, police seized 447 properties, four condominium units, four luxury yachts and three passenger boats. Other items seized included three luxury cars, RM280,000 in cash, watches, jewellery, mobile phones and documents. In addition, police froze 37 bank accounts containing RM328 million.

Police expect more assets to be seized as investigations are still ongoing.

_{Bukit Aman commercial crime investigation department acting director Hasbullah Ali (Bernama)}

In April, Malaysian police took action against the cross-border Ponzi scheme operated by the MBI International Group, which had enticed investors from across Asia with a dubious online investment scheme.

The group asserted that the virtual currencies it issued would only go up, never down, while manipulating prices to create the illusion of increasing value. Meanwhile, scammers assured investors that they could earn monthly returns of 10% to 20%, or even higher. However, these "earnings" did not come from real trading activities but from funds paid by new investors. As a result, the MBI Group was believed to be a Ponzi scheme.

In 2017, MBI attracted fewer investors, and the flow of funds came to a halt, causing millions of investors to lose their money.

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