Malaysian billionaire Low Taek Jho, commonly known as Jho Low, is accused of masterminding a complex financial fraud operation involving international shell corporations, Class A celebrities, the Middle East and Wall Street. For years, investigators have been looking into how funds were embezzled from Malaysia’s quasi-sovereign wealth fund 1Malaysia Development Berhad (1MDB).
This money is 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, is said to have his own personal bank account to transfer these payments into. Low, 36, is said to have taken control of 1MDB’s funds.
Billion Dollar Con, the sequel to The Con, will focus on his incredible achievements and financial adventures. On August 18, 2022, at 10:00 p.m. ET, ABC will air the episode. The summary of the episode is as follows:
“In 2009, a mild-mannered graduate student from the Wharton School of Business at the University of Pennsylvania unleashed a hoax of unprecedented scale and scope. Authorities allege that Jho Low, with the help of powerful investment banking firms, stole billions of dollars of investment funds right under the noses of industry watchdogs over a decade.
It continued:
“Low’s blatant scam has exposed the world’s financial system to its greatest peril since the 2007-2009 crisis. and Bernie Madoff’s Ponzi schemes.”
What did Jho Low do with the money he got from 1MDB?
Jho Low, the notorious Malaysian banker accused of masterminding the 1MDB scheme, received $1.42 billion from three bond deals led by Goldman Sachs for the Malaysian wealth fund. 1MDB was supposedly established to seek investment and development projects for the financial benefit of Malaysia and its people, but was instead used for the personal benefit of individuals like 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 proceeds over the years through three bond deals with Financial Institutions. Low and others were charged with conspiring to bribe Malaysian government officials.
Jho Low is said to have paid celebrities and Hollywood celebrities like Leonardo DiCaprio, Paris Hilton and Kim Kardashian hundreds of dollars to party with him. He is also accused of orchestrating a conspiracy to infiltrate money from their illicit activities into the US financial system by purchasing lavish mansions in New York, Los Angeles and London, as well as art and jewelry, and financing major Hollywood blockbusters. According to the allegations, Low’s close connections with key government leaders in Malaysia and Abu Dhabi were a key component of the scheme.
Low’s connections to these people, particularly those with the ability to influence and approve 1MDB’s business options, appear to have been known to Goldman Sachs bankers Roger Ng, Tim Leissner, and other Financial Institution employees.
Jho Low is a wanted man.
Despite his denials, Jho Low faces charges in Malaysia and the United States of financial fraud and other charges. He is currently on the run. Authorities from Europe, America and Asia have teamed up to investigate 1MDB’s financial footprint. Their legal methods for asset recovery are also being worked on. Despite China’s denial, the Malaysian government claims Low is currently in Macau. He is said to live in a mansion owned by a top official of the Chinese Communist Party near the city’s gambling district.
1. Runaway financier Low Taek Jho (Jho Low) has offered RM1.5 billion to the Malaysian government to settle the charges against 1MDB, sources told The Edge.
Jho Low is 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: newstars.edu.vn