Low Taek Jho, often known as Jho Low, is a Malaysian millionaire accused of masterminding a complicated financial fraud scheme involving multinational shell businesses, A-list celebrities, the Middle East, and Wall Street. For years, investigators have been examining how monies were misappropriated from the Malaysian quasi-sovereign wealth fund 1Malaysia Development Berhad (1MDB).
The cash was invested in worldwide real estate, superyachts, and even Hollywood blockbusters.
Former Malaysian Prime Minister Najib Razak, who was recently arrested and accused of financial fraud, embezzlement, and abuse of authority, purportedly received these funds in his personal bank account. Low, 36 years old, is widely thought to have overseen 1MDB’s finances.
The Billion Dollar Con, the upcoming Thursday edition of The Con, will focus on his astounding accomplishments and financial exploits. ABC will broadcast the episode on August 18, 2022, at 10:00 p.m. ET. The following is a summary of the episode:
“In 2009, a mild-mannered graduate of the Wharton School of Business at the University of Pennsylvania initiated a fraud of unprecedented scale and breadth.
Authorities assert that Jho Low, with the assistance of powerful investment banking firms, took billions of dollars from an investment fund straight under the noses of industry watchdogs for over a decade.
It continues to say:
“Low’s audacious con posed the greatest threat to the global financial system since the 2007-2009 financial crisis and Bernie Madoff’s Ponzi scheme.”
What did Jho Low do with the 1MDB funds he stole?
Jho Low, the infamous Malaysian banker suspected of masterminding the 1MDB scandal, got $1.42 billion from three bond trades Goldman Sachs executed for the Malaysian wealth fund.
1MDB was purportedly established to seek investment and development projects for the financial well-being of Malaysia and its population but was instead exploited for the benefit of individuals such as Low.
According to prosecution documents, billions of dollars were allegedly embezzled and illegally diverted from 1MDB between 2009 and 2014.
It secured cash to support its objectives, including three bond transactions with the Financial Institution over the years. Low and others are accused of conspiring to bribe government officials in Malaysia.
Jho Low allegedly paid celebrities and well-known Hollywood figures hundreds of dollars to party with him, including Leonardo DiCaprio, Paris Hilton, and Kim Kardashian.
He is also accused of coordinating a scheme to infiltrate monies from their illegal operations into the U.S. financial system by purchasing extravagant houses in New York, Los Angeles, and London, as well as artwork and jewelry, and by financing big Hollywood blockbusters.
According to the allegations, Low’s intimate relationships with prominent government leaders in Malaysia and Abu Dhabi were an integral part of the scheme.
Roger Ng, Tim Leissner, and other employees at the Financial Institution were reportedly aware of Low’s relationships with these individuals, particularly those with the ability to influence and approve 1MDB’s business decisions.
Is Jho Low a criminal?
Despite his denials, Jho Low is accused of financial fraud and other charges in Malaysia and the United States. Currently, he is on the run. Authorities from Europe, the United States, and Asia have collaborated to investigate 1MDB’s money trail.
Their legal strategies for recovering assets are also in development. In spite of China’s denial, the Malaysian government asserts that Low is currently in Macau.
He is rumored to dwell in a home owned by a senior official of the Chinese Communist Party in the city’s gambling sector.
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