Malaysian billionaire Low Taek Jho, often known as Jho Low, He is accused of being the mastermind of a complex financial fraud operation involving international shell corporations, A-list celebrities, the Middle East, and Wall Street. Investigators have been probing into how funds were embezzled from Malaysia’s quasi-sovereign wealth fund 1Malaysia Development Berhad (1MDB) for years.
The funds were utilized to purchase international real estate, super-yachts, and even Hollywood blockbusters. Former Malaysian Prime Minister Najib Razak, who was recently arrested and accused of financial fraud, embezzlement, and abuse of power, reportedly had his own personal bank account into which these payments were transferred. Low, 36, is widely believed to have controlled the money of 1MDB.
The Billion Dollar Con, the next Thursday edition of The Con, will concentrate on his incredible achievements and financial adventures. On August 18, 2022, at 10:00 p.m. ET, ABC will telecast the episode. The episode’s summary is as follows:
“In 2009, a mild-mannered graduate of the University of Pennsylvania’s Wharton School of Business launched an unparalleled scale and scope of deception. Authorities claim that Jho Low, with the help of high-powered investment banking firms, stole billions of dollars from an investment fund directly under the noses of industry watchdogs for more than a decade.”
It goes on to say:
“Low’s audacious scam faced the world’s financial system with the greatest danger since the 2007-2009 crisis and the Bernie Madoff Ponzi scheme.”
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 handled by Goldman Sachs for the Malaysian wealth fund. 1MDB was allegedly founded to seek investment and development projects for the financial well-being of Malasiya and its residents but was instead exploited for the personal advantage of individuals such as Low. Between 2009 and 2014, billions of dollars were allegedly embezzled and illegally redirected from 1MDB, according to court filings. It raised funds to support its initiatives, including funds obtained over the years via three bond transactions with the Financial Institution. Low and others are accused of plotting to bribe Malaysian government officials.
Jho Low allegedly paid celebrities and well-known 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 unlawful operations into the US financial system by purchasing lavish mansions in New York City, Los Angeles, and London, as well as artwork and jewelry, while also sponsoring major Hollywood blockbusters. According to the claims, 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 capacity to influence and approve 1MDB business choices, were apparently known to Goldman Sachs bankers Roger Ng, Tim Leissner, and other workers at the Financial Institution.
Jho Low is a wanted man.
Despite his denials, Jho Low is facing accusations in Malaysia and the United States for financial fraud and other offenses. He is presently on the run. Authorities from Europe, America, and Asia have worked together to probe 1MDB’s financial trail. Their legal methods for reclaiming assets are also in the works. Despite China’s denial, the Malaysian government claims Low is now in Macau. He is said to be living in a residence owned by a major Chinese Communist Party official near the city’s gambling district.
1. Fugitive financier Low Taek Jho (Jho Low) had offered RM1.5 billion to the Malaysian government to settle the 1MDB charges against, sources told The Edge.
Jho Low had former attorney general Apandi Ali (right) represent him in negotiations with the Malaysian government. pic.twitter.com/SuDYYcfJbl
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