A Malaysian businessman and international fugitive, Jho Low, has been accused of using $13 million embezzled from a government development fund to gamble on high-stakes games in Las Vegas. This revelation came to light in a court case in Singapore, where it was alleged that Low and his associate, Erik Can Kim Loong, transferred the stolen money to Las Vegas Sands (LVS) properties to play games like baccarat.
The money in question is part of over $4.5 billion that was stolen from the Malaysia Development Berhard (1MDB) fund. The case has been described by the US Department of Justice as the “largest kleptocracy case to date,” involving numerous individuals from various sectors including government, banking, business, and entertainment. Low has been accused of orchestrating the scheme, using the stolen funds to fund luxurious lifestyles, purchase luxury items, and even finance Hollywood films.
Low, who was already known for his high-stakes gambling habits, had reportedly gambled over $87 million on baccarat at The Venetian casino. In a separate legal case brought by 1MDB against companies handling the stolen funds, it was revealed that Red Granite Pictures Inc. and Red Granite Capital Ltd., both controlled by Riza Aziz, the stepson of former Malaysian prime minister Najib Razak, were involved in the embezzlement scheme. Testimony from a financial fraud investigator indicated that $41 million was transferred from Red Granite Capital to a shell company called Alsen Chance, which facilitated the transfer of $13 million to LVS for gambling purposes.
Jho Low, who is now a fugitive wanted by international authorities and believed to be hiding in China, has gone from living a lavish and extravagant lifestyle to being on the run. His extravagant lifestyle included giving expensive gifts to celebrities like Kim Kardashian and Leonardo DiCaprio, as well as investing in Hollywood films like “The Wolf of Wall Street,” which ironically portrays the downfall of a financial fraudster.
In conclusion, the case of Jho Low using embezzled funds for high-stakes gambling in Las Vegas sheds light on the elaborate schemes and corruption that can occur at the intersection of government, business, and entertainment. The pursuit of wealth and luxury at the expense of others has consequences that can lead to legal repercussions and a life on the run for those involved.