The video, entitled “The Story of MBI International’s Boss”, was posted on YouTube on April 23, 2013, by a user named Xinn Chen. It chronicles the success of Tedy Teow in establishing MBI, saying it was his third effort in setting up a business.
Teow was previously in the food and beverage industry, running the Island Red Cafe franchise scheme between 2008 and 2010. In the 1990s, his mobile phone retail franchise called CTI Mobile World was a success.
But according to the video, Teow’s third business venture, came about only after he had gone to China to seek another “chance” in life.
He is even quoted as saying that “the Gods did not forsake me and gave me a second chance”, while he was in China, according to the subtitles which accompanied the video.
It was previously reported that Teow, had been convicted for fraud in 2011.
Teow, 51, and his son, Chee Chow, 28, were sentenced to one day in jail, as well as a total fine of RM160,000 in August 2011 for “cheating and misleading investors” in the Island Red Cafe franchise scheme, between 2008 and 2010.
The video also highlights Teow’s early signs of entrepreneurship, explaining how as a student, he used to sell stationery to his schoolmates as well as other items they would need in school.
His latest venture MBI is believed to be the longest-running financial scheme founded in Penang. Founded in 2009, it is said to have generated substantial returns every year.
The company previously reported it had millions of members from a number of countries across Asia, including China, Thailand, Indonesia, Singapore, the Philippines, Hong Kong, Taiwan and Malaysia.
However, on May 29, enforcement officers from various agencies raided MBI’s M Square logistics centre in Ampang, Kuala Lumpur, and M Mall, a shopping complex in Penang, where MBI members are allowed to use loyalty reward points in exchange for goods.
A total of RM177 million in 91 bank accounts were also frozen following the raid, according to domestic trade, cooperatives and consumerism ministry enforcement chief Mohd Roslan Mahayudin, who added that the money was in 43 company and 48 individual accounts in eight different banks.
Then, yesterday, the founder of the MBI Group, operating a pyramid investment scheme, was arrested in an operation coordinated by the attorney-general’s chambers (AGC).
At a press conference, domestic trade, cooperatives and consumerism ministry enforcement director Mohd Roslan Mahayudin said the founder had been remanded for four days and will be investigated under the anti-money laundering law.
He added that RM2.23 million in cash and property were seized during the operation yesterday.
MBI founder held, RM32 million in cash and bank accounts seized