In a landmark move, Thailand extradites Malaysian businessman Tedy Teow to China over a $14 billion cryptocurrency scam, marking the first extradition under the Thailand-China treaty since 1999.
Bollywood Fever: Thailand has extradited Malaysian businessman Tedy Teow, also known as Zhang Yufa, to China in connection with a massive cryptocurrency scam that defrauded over 10 million investors, primarily Chinese nationals.Â
The scam, amounting to more than 100 billion yuan (US$14 billion), is one of the largest of its kind and has sent shockwaves across the region.
Teow, the founder of the MBI Group, was accused of operating a pyramid scheme involving unlicensed cryptocurrencies.
He was arrested in Thailand in 2022 after fleeing Malaysia, where he was also wanted on fraud charges.
Despite Malaysia’s efforts to secure his return, the Thai court finalized Teow’s extradition to China in May 2024.
This extradition is significant as it marks the first instance under the Thailand-China treaty since its establishment in 1999.
China has praised the extradition as a critical step forward in the ongoing fight against cross-border crimes, emphasizing the importance of international cooperation in tackling transnational offenses such as online gambling and telecom fraud.
Teow’s extradition aligns with China’s broader efforts to enhance collaboration with other nations in combating transnational crimes.
The successful transfer of Teow to Chinese authorities is expected to pave the way for further international cooperation in addressing similar crimes that span multiple countries.
As China continues to strengthen its legal and diplomatic ties in the fight against global financial crimes, the extradition of Teow sets a precedent for future actions against those who attempt to exploit the rapidly evolving world of cryptocurrencies and digital finance.
Also Read other news articles, Crypto Rollercoaster: SUN Token Soars 187% While TON Plummets 21% Amid Telegram CEO Arrest
Bunzl Raises 2024 Profit Forecast Amid Strong Demand and Acquisitions
