Low Taek Jho, also known as Jho Low, is a Malaysian billionaire. He is believed to be the mastermind of a financial fraud scheme that encompasses a sophisticated network of foreign front companies, high-profile celebrities, the Middle East and Wall Street.
For years, investigators have investigated how funds were diverted from the quasi-sovereign wealth fund 1Malaysia Development Berhad (1MDB) in Malaysia.
The finances have been used to acquire real estate around the world, super-yachts and even finance Hollywood blockbusters. Najib Razak, the former Prime Minister of Malaysia who was recently arrested and charged with financial fraud, embezzlement and abuse of power, allegedly had his own personal bank account to which these funds were sent.
There is broad consensus that Low, 36, ran the capital of 1MDB.
Thursday’s next episode of The scamentitled The billion dollar scam, will focus on his phenomenal success and financial exploits. The episode will air on ABC on August 18, 2022 at 10:00 p.m. ET. The episode synopsis says:
“In 2009, a mild-mannered graduate of the University of Pennsylvania’s Wharton School of Business unleashed a fraud on an unprecedented scale and scale. Authorities say that for more than a decade, Jho Low , with the help of high-powered investment banking firms, siphoned billions of dollars from an investment fund under the noses of industry watchdogs.”
It further specifies:
“Low’s brazen scheme posed the next big threat to the global financial system since the 2007-2009 recession and Bernie Madoff’s Ponzi scheme.”
What did Jho Low do with the money embezzled from 1MDB?
Infamous Malaysian financier Jho Low, the alleged mastermind of the 1MDB scam, pocketed $1.42 billion from three bond deals Goldman Sachs facilitated for the Malaysian fund.
1MDB is said to have been created to seek investment and development initiatives for Malasiya and the financial well-being of its citizens, but has been used for the personal gains of individuals like Low.
According to court documents, billions of dollars were illegitimately misappropriated and misappropriated from 1MDB between 2009 and 2014. He raised money to finance his projects, including funds raised over the years from three bond transactions he has made with the financial institution.
Low and several others allegedly conspired to bribe government officials in Malaysia.
Jho Low reportedly paid big-name celebrities and Hollywood sensations like Leonardo DiCaprio, Paris Hilton, and Kim Kardashian, among others, thousands of dollars to party with him.
He is also accused of leading the scheme to smuggle the profits of their illegal activities through the financial system into the United States by acquiring expensive properties in New York, Los Angeles and London as well as works of art. and jewelry while supporting major Hollywood blockbusters.
According to the allegations, a key part of the scam was Low’s intimate ties to powerful government figures in Malaysia and Abu Dhabi.
Goldman Sachs bankers Roger Ng, Tim Leissner and other employees of the financial institution were reportedly aware of Low’s ties to these officials, including those with the power to influence and approve the business decisions of 1MDB.
Jho Low is a fugitive
Jho Low faces charges in Malaysia and the United States for financial fraud and other crimes, despite his denial of any involvement. He is currently on the run.
Authorities in Europe, America and Asia have collaborated with their operations to investigate 1MDB’s financial route. Their asset recovery legal strategies were also planned.
Despite China’s denial, the Malaysian government says Low currently resides in Macau. He is said to be residing in the city’s gambling center in a house belonging to a prominent figure in the Chinese Communist Party.
Tune The scam on ABC this Thursday to learn more about Jho Low’s 1MDB fraud, which is considered one of the biggest financial scams of all time.