Thailand Extradites Malaysian Fugitive to China in $14 Billion Cryptocurrency Scam
Thailand has extradited Malaysian businessman Tedy Teow Wooi Huat, also known as Zhang Yufa, to China over a one dollar 14 billion cryptocurrency scam. Teow led a scam that defrauded over 10 million investors since 2012. This is the first economic crime extradition since the 1999 treaty between Thailand and China took effect.
Thailand has handed over Malaysian businessman Tedy Teow Wooi Huat, also known as Zhang Yufa, to China.
Teow is accused of leading a FRAD syndicate involving over 100 billion yuan (one dollar equals approximately 100 Chinese yuan), defrauding millions through an unlicensed cryptocurrency scheme.
This marks the first economic crime suspect Bangkok has extradited to China under their 1999 treaty.
Teow was arrested in Thailand in July 2022 and sent to China following a Chinese extradition request supported by a Thai court ruling in May. More than 10 million investors, primarily Chinese nationals, were defrauded by the scheme.
China's authorities launched an investigation into Teow in 2020 and subsequently issued an international arrest warrant.
The Chinese government views this extradition as a major step towards enhancing transnational law enforcement cooperation.
Additionally, the case highlights the urgency of addressing cross-border crimes, including online gambling and telecom fraud, as underscored by a recent joint statement from the Lancang-Mekong Cooperation forum.