China Extradites ‘Godfather’ of Asian Pyramid Schemes From Thailand
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China extradited a man touted as “Asia's godfather of pyramid schemes,” who allegedly swindled $14 billion from unsuspecting victims, from Thailand this week, marking the first economic crime suspect to be transferred since a bilateral extradition treaty between the two nations came into effect in 1999.
Zhang Yufa, a Malaysian national of Chinese descent, was escorted aboard a commercial flight from Bangkok to Shanghai on Tuesday by members of China’s Ministry of Public Security (MPS) as part of operation “Fox Hunt” to bring back economic fugitives from abroad, according to a Friday post on the agency’s official WeChat account.
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- China extradited Zhang Yufa, known as "Asia's godfather of pyramid schemes," from Thailand, marking the first such transfer under a 1999 treaty.
- Zhang allegedly defrauded over 10 million people of $14 billion through pyramid schemes involving virtual currencies since 2012.
- The extradition, facilitated by Thai legal and government approval, is part of China’s operation “Fox Hunt" to repatriate economic fugitives.
- MBI Group
- MBI Group, founded by Zhang Yufa (also known as Tedy Teow Wooi Huat) in 2009, operated initially in Malaysia. The group allegedly ran a pyramid scheme involving the sale of virtual currencies and promised high returns contingent on recruiting new members. Primary operations in China were conducted through the "MFC" gaming finance platform and the "MTI" network pyramid scheme platform, signing up over 11 million members.
- Since 2012：
- Zhang Yufa allegedly masterminded a pyramid scheme swindling over 10 million participants out of more than 100 billion yuan ($14 billion).
- By October 2019：
- Chinese nationals who were allegedly cheated by the group protested outside Beijing’s embassy in Malaysia.
- November 2020：
- Police agencies in Southwest China’s Chongqing launched a probe into Zhang Yufa.
- March 2021：
- Interpol’s China National Central Bureau issued a red notice against Zhang Yufa.
- July 2022：
- Zhang Yufa was arrested by Thai police.
- May 2024：
- Thai appellate court facilitated the extradition process of Zhang Yufa.
- August 14, 2024：
- Thai government supported the extradition ruling.
- Tuesday, August 20, 2024：
- Zhang Yufa was extradited from Thailand to China, escorted aboard a commercial flight from Bangkok to Shanghai by members of China’s Ministry of Public Security.
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