China extradites ponzi suspect from Thailand

The Ministry of Public Security announced on Friday that its "Fox Hunt" working group successfully extradited a major economic crime suspect surnamed Zhang, who was allegedly involved in organizing and leading pyramid scheme activities, from Thailand back to China on Tuesday evening.

This case marks the first extradition from Thailand to China of an economic crime suspect since the extradition treaty between China and Thailand took effect in 1999, said the ministry.

According to the ministry, since 2012, the MBI group led by the suspect Zhang has reportedly been engaged in illegal pyramid scheme activities by issuing virtual digital currency, requiring participants to pay fees ranging from 700 yuan ($98) to 245,000 yuan for platform membership, using high rebates as bait, and taking the number of members developed and the amount of funds invested as a basis for compensation or rebate.

The group has developed more than 10 million members and amassed over 100 billion yuan in funds.

According to Thai media, Malaysian fugitive businessman and MBI Group founder Tedy Teow has been extradited from Thailand to China on Tuesday.

China's public security ministry said that in November 2020, the Chongqing Municipal Public Security Bureau initiated an investigation against Zhang, and in March 2021, the China National Central Bureau of Interpol issued a red notice against him.

On July 21, 2022, Thai police arrested Zhang, and subsequently, China requested his extradition from Thailand based on the bilateral extradition treaty.

On May 21 of this year, the appeals court in Thailand made a final ruling to extradite Zhang to China. On Aug 14, authorities in Thailand made an administrative decision supporting the court's final ruling.

An official from the "Fox Hunt" office of China's public security ministry stated that the successful extradition of Zhang demonstrates the Chinese government's firm determination and will to uphold citizens' rights and defend the dignity of the law.

This extradition is a significant achievement in law enforcement and judicial cooperation between China and Thailand, marking a milestone in deepening law enforcement and judicial cooperation between the two countries. It is also expected to serve as a positive example for future extradition cooperation between China and other countries, said the official.

Since 2014, the ministry has launched the annual Fox Hunt operation targeting economic crime suspects who have fled abroad. This year's operation began in April, with public security organs nationwide instructed to intensify efforts in key cases and expand law enforcement cooperation channels.

From 2014 to April this year, about 9,000 economic crime suspects have been captured and handed over to China from more than 120 countries and regions via the Fox Hunt operation, leading to the recovery of about 49 billion yuan in assets and losses.