Following the arrest of two prominent businessmen—Tan Sri Datuk Seri Tan Kean Soon, Deputy Executive Chairman of T7 Global Berhad, and Tan Sri Dato’ Dr Khor Eng Chuen, Chairman of ECK Development Sdn. Bhd.—a third influential “Tan Sri” from Penang has now been detained as investigations into the massive money laundering scheme, Mobility Beyond Imagination (MBI), continue.
The businessman is none other than Tan Sri Datuk Alex Ooi, Founder and Executive Chairman of Ideal Property Group.
On Monday, police arrested the 62-year-old Alex Ooi at his residence in George Town. During the raid, authorities seized a white Rolls-Royce Ghost and a Ford Ranger Raptor. This is not his first brush with the law—he was previously detained for questioning last month but released on the same day.
On 11 April, the Royal Malaysia Police (PDRM) announced the takedown of the MBI investment scam under Operation Northern Star, freezing assets totaling RM3.17 billion. These include RM1.16 billion in bank and share accounts, 35 properties worth RM2.005 billion, 10 luxury cars, 12 luxury watches, various pieces of jewelry, mobile phones, laptops, designer handbags, and other documents.
According to Datuk Muhammed Hasbullah Ali, head of Bukit Aman’s Anti-Money Laundering (AMLA) investigation team, the first “Tan Sri”—Tan Sri Datuk Seri Tan Kean Soon—was arrested for allegedly deceiving suspects into paying large sums to avoid arrest.
“The original agreement was for RM25 million, and the suspect had already paid RM10 million as a deposit,” he said. “After being arrested, the suspect lodged a police report, and we successfully recovered the money.”
The second “Tan Sri”, Tan Sri Dato’ Dr Khor Eng Chuen, is the Chairman of ECK Development Sdn. Bhd., and a direct business associate of MBI’s founder, Tedy Teow. ECK Development is also known to be linked to Kedah Chief Minister Datuk Seri Sanusi through business interests. To this day, ECK Development remains a shareholder in Kedah Aerotropolis Holdings Sdn Bhd, the master developer for the controversial Kulim International Airport (KXP) project.
Previously, ECK Development made headlines for its alleged involvement in a Macau Scam-related real estate purchase worth over RM300 million in Penang.
A Decade -Long Investigation
The MBI investigation has been ongoing for over seven years. According to an Interpol Red Notice, the scam is believed to have defrauded over 11 million victims across Southeast Asia.
In August last year, MBI founder Tedy Teow was extradited from Thailand to China to assist Chinese authorities in their probe into the massive pyramid scheme.
It is believed that around two million Chinese nationals were defrauded, with total losses estimated at 500 billion yuan (approximately RM300 billion).
At its peak, MBI allegedly raised billions of Ringgit from investors. When the pyramid scheme collapsed following Bank Negara Malaysia’s 2018 raid, most investors were left with no realistic way to recover their money.
Who Is Tan Sri Datuk Alex Ooi?
Position: Founder & Executive Chairman, Ideal Property Group
Year Founded: 2001
Nickname: The Condominium King of Penang
Since establishing Ideal Property Group in 2001, Tan Sri Datuk Alex Ooi has overseen the development of over 25,000 residential and commercial units, primarily in Bayan Lepas, Penang. Notable projects include:
- Queens Waterfront
- One Imperial
- Fiera Vista
- I-Santorini
- Ideal Vision Park
Tan Sri Alex Ooi has long been associated with controversy. In 2021, he was implicated in a RM16 million bribery case involving Datuk Ir. Mansor Musa, Chairman of Koperasi Tunas Muda Sg. Ara Berhad, a prominent land cooperative in Penang.
The bribery documents were reportedly linked to MACC disclosures involving Lim Guan Eng, which led to the arrest of Jeffrey Chew, former political secretary to Lim Guan Eng and Chairman of Penang Port. Lim himself is now facing court charges related to this case.
Penang LRT Project – Another Link
Beyond real estate, Tan Sri Alex Ooi is also a business partner in Phase 1 of the Penang Light Rail Transit (LRT) Project, through his involvement in SRS Consortium Sdn Bhd.
SRS Consortium was appointed as the main contractor for the Mutiara Line LRT preliminary works package, which spans 24km from Komtar to Silicon Island, with a contract value exceeding RM8 billion.
His company, Ideal Property Development Sdn Bhd—a subsidiary of Ideal Property Group—owns 20% of SRS Consortium.
The consortium was originally selected by the Penang state government in 2015. In 2024, when the federal government took over the project, it retained SRS Consortium via direct negotiation to avoid potential legal complications from cancelling the original agreement.
SRS Consortium Sdn Bhd – Ownership Structure
Company Name: SRS Consortium Sdn Bhd
Established: 2015
Role: Main contractor for preliminary works of the Mutiara Line LRT Project
Ownership Breakdown:
- Gamuda Berhad: 60%
- Loh Phoy Yen Holdings Sdn Bhd: 20%
- Ideal Property Development Sdn Bhd: 20%
Gamuda leads the project, while Loh Phoy Yen Holdings and Ideal Property Development contribute local expertise in property and infrastructure development.
A Not-So-Surprising Arrest
Tan Sri Datuk Alex Ooi’s arrest in connection with the MBI Ponzi scheme does not come as a surprise to many observers. His name has repeatedly surfaced in corruption scandals involving high-value real estate, land deals, and now, money laundering.
With this latest development, the question remains:
How deep does the MBI network go—and who else will fall next?
Wow now scamming business is so good and popular . Looks like our big corporations are scamming people. We rakyat has to be very careful and not trusting all the Dato,Tan SRI, Dato Seri etc… and prominent, rich, powerful people. Now, scamming businesses r getting rampant in our country and l believe the world is becoming very unsafe because too many scanners today.
It is so scary and frightening today. Worst of all with the technology scanners can hack into our bank accounts without even we know what happened………. It is a nightmare now.