PETALING JAYA: Fugitive businessman Tedy Teow Wooi Huat remains in custody in Thailand, as both Malaysia and China are applying to get him extradited from the country.

The founder of MBI was to be deported to China after Thailand revoked his visa on 22 July.

The Thai police said in a press conference that Teow, 55, was supposed to be handed over to China on 26 July, but the extradition was put on hold as Malaysia filed an application to get him repatriated to Malaysia over a cheating case.

Sources said Thailand had not decided whether to hand over Teow to Malaysia or China.

Teow is accused of deceiving Chinese investors through different businesses.

Few years ago, some investors traveled from China to Malaysia to look for Teow, claiming that they had been cheated by him through several businesses such as MBI, durian plantation investment and bitcoin.

The Chinese victims alleged that Teow had cheated two million Chinese nationals involving a sum of 500 billion yuan (RM330.08 billion).

It was reported that Teow fled to Thailand on an illegal, unreported and unregulated (IUU) fishing boat.

The Thai police contacted Royal Malaysian police special branch director Datuk Seri Zamri Yahaya to bring the fishing boat back to Thailand waters.

Teow was subsequently arrested by the Thai police over money laundering activities and online gaming.