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Low Taek Jho, also known as Jho Low, is a Malaysian billionaire. He is suspected of being the brains behind a financial fraud scheme that encompasses a sophisticated network of overseas shell firms, A-list celebrities, the Middle East, and Wall Street.
For years, investigators have been looking into how monies were embezzled from the quasi-sovereign wealth fund 1Malaysia Development Berhad (1MDB) in Malaysia.
The finances were used to acquire worldwide real estate, 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 misuse of authority, allegedly had his own personal bank account into which these funds were sent.
There is widespread consensus that Low, 36, directed the capital of 1MDB.
The upcoming Thursday episode of The Con, titled The Billion Dollar Con, will focus on his phenomenal success and financial exploits. The episode will air on ABC on August 18, 2022, at 10:00 pm ET. The synopsis of the episode reads:
"In 2009, a mild-mannered graduate of the University of Pennsylvania’s Wharton School of Business set in motion a fraud of unprecedented gall and magnitude. Authorities say that for over a decade, Jho Low, with the aid of high-powered investment banking companies, siphoned billions of dollars from an investment fund right under the nose of industry watchdogs."
It further states:
"Low’s brazen scheme posed the next great threat to the global financial system since the 2007-2009 recession and the Bernie Madoff Ponzi scheme."
What did Jho Low do with embezzled money from 1MDB?
Infamous Malaysian financier Jho Low, the suspected mastermind behind the 1MDB scam, pocketed $1.42 billion from three bond deals that Goldman Sachs facilitated for the Malaysian wealth fund.
1MDB was reportedly established to seek investment and development initiatives for Malasiya and its citizens' financial well-being, but was used for the personal gains of individuals like Low.
According to court documents, billions of dollars were allegedly embezzled and illegitimately rerouted from 1MDB between 2009 and 2014. It raised money to fund its projects, including monies reared in the years through three bond transactions it accomplished with the Financial Institution.
Low and several others allegedly plotted to corrupt government officials in Malaysia.
Jho Low reportedly paid celebrities and renowned 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 profits from their illegal activities via the financial system in the United States by acquiring expensive estates in New York City, Los Angeles, and London along with artwork and jewelry while also supporting big Hollywood blockbusters.
According to the allegations, a key component of the scam was Low's intimate connections with powerful government figures in Malaysia and Abu Dhabi.
Goldman Sachs bankers Roger Ng, Tim Leissner, and other employees at the Financial Institution were reportedly aware of Low's connections to these officials, including those with the power to influence and approve 1MDB business decisions.
Jho Low is a fugitive
Jho Low is facing charges in Malaysia and the US for financial fraud and other crimes, despite his denial of any involvement. He is currently a fugitive.
Authorities from Europe, America, and Asia have collaborated on their operations to investigate the financial route of 1MDB. Their legal strategies for recovering assets have also been planned.
Despite China's denial, the Malaysian government asserts that Low is currently residing in Macau. He reportedly resides in the city's gambling hub in a home belonging to a prominent Chinese Communist Party figure.
Tune in to The Con on ABC this Thursday to learn more about Jho Low's 1MDB fraud, which is believed to be one of the biggest financial scams of all time.
