Zhang is the first economic crime suspect extradited from Bangkok to China since their 1999 treaty took effect
Teddy Teow is the first economic crime suspect Thailand has handed over to China since an extradition treaty between the two countries came into force 25 years ago. (Photo: CCTV)
Malaysian businessman accused of running a fraud syndicate was extradited from Thailand to China in a case involving more than 100 billion yuan (US$14 billion).
He is the first economic crime suspect that Bangkok has handed over to China since the extradition treaty between the two countries took effect in 1999, according to China’s Ministry of Public Security on Friday.
“The successful extradition … is of remarkable significance to the consolidation and deepening of law enforcement and judicial cooperation between China and Thailand,” the ministry said in a statement, calling the move a “major achievement.”
The ministry said the suspect was sent to China on Tuesday and gave only the man’s last name: Zhang. This was a reference to Zhang Yufa, better known as Tedy Teow Wooi Huat, the founder of business conglomerate MBI Group.
After an investigation, Teow is suspected of running a pyramid scheme and tricking people, many believed to be Chinese nationals, to fraudulently purchase unlicensed and unrecognized MBI cryptocurrency.
More than 10 million investors have fallen victim to the scheme since 2012, and the money involved is worth more than 100 billion Chinese yuan, according to the ministry’s statement.
Authorities in the southwestern Chinese megacity of Chongqing began investigating Teow in late 2020, and months later the China bureau of the International Criminal Police Organization declared him a global wanted man.
Thai police arrested the businessman in July 2022 after he fled Malaysia. Beijing then petitioned Bangkok to have him deported to face trial in China.
A Thai court issued a final order to transfer Teow to China in May, a decision later supported by the Thai government.
Kuala Lumpur has also sought Teow’s deportation to Malaysia, where he is also wanted for fraud. But their request was then made to China.
MBI Group, which describes itself as having “diversified interests in resource development and management”, made headlines in October 2019 when around 100 Chinese nationals staged a demonstration outside Beijing’s embassy in Malaysia, claiming they had lost their savings to the firm
The Chinese government has characterized Teow’s case as “exceptional” and expects the suspect’s handover to set a “positive example” for future extradition cooperation between China and other countries.
China’s top diplomat Wang Yi called for stronger transnational cooperation to fight cross-border crimes in the region, especially online gambling and telecommunications fraud, when he met his counterparts from Thailand, Laos and Myanmar during the Lancang-Mekong Cooperation Forum (LMC ) in the Thai city of Chiang Mai last week.
Wang said the four countries have undertaken many joint operations and arrested more than 50,000 suspects in gambling and fraud cases since last year.
The foreign ministers of all six countries of the Lancang-Mekong Cooperation Mechanism, which also includes Cambodia and Vietnam, reached a joint statement on strengthening cooperation in the fight against transnational crime during the meeting.
“We are deeply concerned about the gravity and seriousness of the persistent and escalating threats posed by cross-border crime,” the statement said.
“We call on member states to prioritize cooperation in the fight against drug trafficking as well as curbing telecommunications/online fraud and all forms of online gambling,” he added, calling on all six nations to work together to improve the exchange of information and border control.