Malaysian billionaire Low Taek Jho, often known as Jho Low, is accused of masterminding a complex financial fraud operation involving international shell corporations, A-list celebrities, the Middle East and Wall Street. For years, investigators have been looking into how funds were embezzled from Malaysia’s quasi-sovereign property fund 1Malaysia Development Berhad (1MDB).
The funds were used to buy international real estate, super-yachts and even Hollywood blockbusters. Former Malaysian Prime Minister Najib Razak, who was recently arrested and charged with financial fraud, embezzlement and abuse of power, allegedly had his own personal bank account into which these payments were transferred. Low, 36, is widely believed to have controlled 1MDB’s money.
Billion Dollar Con, Thursday’s next edition of The Con, will focus on his incredible achievements and financial adventures. On August 18, 2022, at 10:00 PM ET, ABC will air the episode. The summary of the episode is as follows:
“In 2009, a mild-mannered graduate of the University of Pennsylvania’s Wharton School of Business launched a hoax of unparalleled scale and scope. Authorities allege that Jho Low, with the help of powerful investment banking firms, stole billions of investment fund dollars right under the noses of industry watchdogs for more than a decade.”
It goes on to say:
“Low’s brazen fraud has faced the world’s financial system with the greatest danger since the crisis of 2007-2009. and Bernie Madoff Ponzi schemes.”
What did Jho Low do with the money he took from 1MDB?
Jho Low, the infamous Malaysian banker accused of masterminding the 1MDB scheme, received $1.42 billion from three bond trades led by Goldman Sachs for the Malaysian wealth fund. 1MDB was allegedly set up to seek investment and development projects for the financial benefit of Malaysia and its people, but was instead used for the personal gain of individuals such as Low. Between 2009 and 2014, billions of dollars were allegedly embezzled and illegally diverted from 1MDB, according to court filings. It has raised funds to support its initiatives, including funds obtained over the years through three bond transactions with the Financial Institution. Low and others were charged with conspiring to bribe Malaysian government officials.
Jho Low reportedly paid celebrities and famous Hollywood figures such as Leonardo DiCaprio, Paris Hilton and Kim Kardashian hundreds of dollars to party with him. He is also accused of orchestrating a conspiracy to infiltrate funds from their illegal operations into the US financial system by purchasing lavish mansions in New York, Los Angeles and London, as well as art and jewellery, while also sponsoring major Hollywood blockbusters. According to the allegations, Low’s close contacts with important government leaders in Malaysia and Abu Dhabi were a significant component of the scheme.
Low’s contacts with these people, especially those with the ability to influence and approve 1MDB’s business choices, were apparently known to Goldman Sachs bankers Roger Ng, Tim Leissner and other employees of the Financial Institution.
Jho Low is a wanted man.
Despite his denials, Jho Low faces charges in Malaysia and the United States for financial fraud and other crimes. He is currently on the run. Authorities from Europe, America and Asia have been working together to probe the financial trail of 1MDB. Their legal methods to recover the property are also in the works. Despite China’s denials, the Malaysian government claims Low is now in Macau. He is said to live in a residence owned by a top Chinese Communist Party official near the city’s gambling district.
1. Fugitive financier Low Taek Jho (Jho Low) has offered RM1.5 billion to the Malaysian government to settle charges against 1MDB, sources told The Edge.
Jho Low was represented by former state attorney Apandi Ali (right) in negotiations with the Malaysian government. pic.twitter.com/SuDYYcfJbl
— emmanuelsamarathisa (@esshimself) July 15, 2022
Categories: Entertaintment
Source: HIS Education