Thailand Extradites Malaysian Fugitive to China over Cryptocurrency Scam
Thailand has extradited Malaysian businessman Zhang Yufa, known as Tedy Teow Wooi Huat, to China for leading a 14 billion US dollar cryptocurrency scam. Thai police arrested Zhang in July 2022, and a Thai court finalized the extradition in May 2023. The Chinese government praised the case as a significant milestone in Sino-Thai law enforcement cooperation.
Thailand has extradited Malaysian businessman Zhang Yufa, also known as Tedy Teow Wooi Huat, to China.
Zhang is accused of leading a pyramid scheme that defrauded over 10 million investors, involving more than one hundred billion yuan (14 billion US dollars), primarily targeting Chinese nationals through MBI Group's unlicensed cryptocurrency.
This marks the first economic crime suspect Bangkok has turned over to Beijing since their 1999 extradition treaty.
Thai police arrested Zhang in July 2022 after he fled Malaysia.
In May, a Thai court finalized the extradition decision, which the Thai government supported, despite Malaysia also seeking his extradition.
The Chinese government lauded the handover as a major achievement and anticipates it will set a positive example for future cooperation.
Additionally, China called for intensified transnational efforts to combat online gambling and telecom fraud during the recent Lancang-Mekong Cooperation forum.
Zhang is accused of leading a pyramid scheme that defrauded over 10 million investors, involving more than one hundred billion yuan (14 billion US dollars), primarily targeting Chinese nationals through MBI Group's unlicensed cryptocurrency.
This marks the first economic crime suspect Bangkok has turned over to Beijing since their 1999 extradition treaty.
Thai police arrested Zhang in July 2022 after he fled Malaysia.
In May, a Thai court finalized the extradition decision, which the Thai government supported, despite Malaysia also seeking his extradition.
The Chinese government lauded the handover as a major achievement and anticipates it will set a positive example for future cooperation.
Additionally, China called for intensified transnational efforts to combat online gambling and telecom fraud during the recent Lancang-Mekong Cooperation forum.
