This is a continuation of the previous post.In the last post discussing Billion Dollar Whale, the book depicting fully the 1MDB scandal and Jho Low's craziness, we learnt a few lessons on fraud detection. Today, we would discuss the last simple trick he used - putting in slight discrepancy in names of bank accounts and incorporated entities.
In order to fool people, Jho Low created shell companies which he controlled in Cayman Islands and other jurisdictions with very relaxed rules and regulations. These jurisdictions are happy to simply collect fees, without doing too many checks, including the previously discussed blatant oversight on lack of beneficiary name during bank transfer.
Jho used an ingenious trick which was to create shell companies with names that were very similar to the real beneficiaries. So it would be like 1MDB Investment Corp Ltd, which have nothing to...