Suspected criminal Tedy Teow Wooi Huat, known by the name Zhang, was extradited from Thailand to China on Tuesday for his alleged involvement in organizing and leading a pyramid scheme, China's Ministry of Public Security announced on Friday.

The economic crime suspect was extradited under the "Fox Hunt" operation, marking the first case in the extradition treaty between Bangkok and Beijing that took effect in 1999, the ministry reported. 

The suspect Zhang is a Malaysian businessman who founded the MBI group in 2012, where he conducted his pyramid scheme under the guise of issuing virtual currency, requiring participants to pay a platform membership fee ranging from $98 to $34,000.

Zhang used high financial incentives as bait for attracting his victims, resulting in the development of over 10 million members and more than $14 billion in funds.

The Chongqing Municipality began the investigation into Zhang back in December 2020, issuing an Interpol Red Notice against him in March 2021. He was then arrested by the Thai police on July 21, 2022, when China submitted an extradition request in compliance with the treaty.

On May 21, the Thai court's final ruling was to extradite the suspect to China, followed by an administrative decision issued by the government on August 14. 

An official from China's Public Security Ministry's "Fox Hunt" office asserted that Zhang's successful extradition showcases the Chinese government's dedication to protecting citizens' rights and upholding the integrity of the law while marking a successful judicial operation between the two nations.

The ministry's "Fox Hunt" operation was initially launched in 2014 to target economic crime suspects who fled the country. 

From 2014 to this April, the operation has resulted in 9,000 economic crime suspects' detainment and deportation to China from over 120 countries and regions, leading to a $6 billion recovery of assets and losses.