MBI Group official claims trial over issuing illegal electronic money

AMPANG: An official of the MBI Group that is alleged to have been operating a pyramid investment scheme claimed trial at the Sessions Court here on a charge of issuing unauthorised electronic money.

Teow Wooi Huat, 52, was charged under Section 25(1) of the Payment Systems Act with issuing a payment instrument, in the form of “electronic money”, that was not authorised by Bank Negara Malaysia (BNM).

Teow is the director of Mface International Bhd and MBI Marketing Sdn Bhd, the companies under MBI group.

He was accused of committing the offence in Ampang Avenue between June 3, 2012 and March 17 this year.

Sessions Court judge Azrul Darus granted bail of RM300,000 in one surety and set July 11 for mention.

Both MBI Marketing and Mface are among 300 companies under BNM’s watchlist.

Previously, the domestic trade, co-operatives and consumerism ministry raided the house of MBI’s founder in Penang and seized luxury cars worth of RM1.55 million as well as RM405,612 in cash in different currencies.

The ministry also froze RM177 million in bank accounts from a store, a mall and outlets that were operated by MBI.

Teow and his son Chee Chow, were fined RM160,000 and jailed one day in August 2011 for “cheating and misleading investors” in a scheme called Island Red Cafe franchise scheme.

http://www.freemalaysiatoday.com/category/nation/2017/06/20/mbi-founder-held-rm32-million-in-cash-and-bank-accounts-seized/

http://www.freemalaysiatoday.com/category/nation/2017/05/31/rm58-million-in-bank-accounts-frozen-after-mbi-raids/

http://www.freemalaysiatoday.com/category/nation/2017/06/02/report-mbi-founder-son-had-previous-conviction-for-fraud/