說明：「一馬弊案」(1MDB Scandal) 關鍵人物劉特佐 (Jho Low) 以偽造的澳洲護照隱藏身份，使用虛假的希臘名字 Veis Constantinos Achilles 匿藏於上海。消息來源是 Whale Hunting，發表日期是 2025 年 7 月 18 日。照片來源是 Whale Hunting 創辦人 Bradley Hope 的 LinkedIn 帳號。這張照片曾經被個別香港媒體轉發，但是沒有註明出處。原因？自己想。
前言：Whale Hunting 由兩位擅長調查報導的前華爾街日報記者 Bradley Hope 和 Tom Wright 共同創立。他們長期跟進馬來西亞「一馬弊案」(1MDB Scandal)。創立網媒 Whale Hunting 之後，繼續跟進「一馬弊案」(1MDB Scandal) 以及尋找關鍵人物劉特佐 (Jho Low) 的下落。Whale Hunting 在 2025 年 7 月 18 日爆出獨家新聞，指劉特佐 (Jho Low) 用假身份匿藏於上海，指導中國企業如何規避制裁。中國多次否認包庇劉特佐。新加坡媒體有轉發及跟進 Whale Hunting 的報導。香港的中文財經媒體或避而不談或低調處理。原因？你懂的。
「一馬弊案」(1MDB
Scandal) 是國家級的貪污腐敗，也是金融罪案的經典案例。最新發展是馬來西亞前總理納吉布（Najib
Razak，任期：2009-2018）於 2025 年 12 月 27 日被裁定濫用職權及洗錢共 25 項罪名成立，須再服刑 15 年，將於之前因其他案件被判監的刑期結束後開始執行。他的辯護律師說，將提出上訴。萬一閣下不熟悉「一馬弊案」(1MDB
Scandal) 的來龍去脈，請參考《延伸閱讀》部份提供的 Explainer，那篇 The
Guardian 文章是英文版的懶人包。網上也有大量的參考資料，去
YouTube 看紀錄片也可以。最後，歡迎馬來西亞的讀者留言。
延伸閱讀／參考資料：
RICH LIST: Playboy Financier Jho Low Turned International Fugitive
Contributors:
Bradley Hope
Whale
Hunting (Jul 18, 2025)
Excerpt:
Malaysian fugitive Jho Low (劉特佐), mastermind of the $7.65 billion 1MDB heist, is hiding
in Shanghai's Green Hills luxury district using a fake Australian passport. The
playboy-turned-pariah who once partied with DiCaprio stole $2.5 billion
personally, causing Malaysia $18 billion in total losses.
Below you'll find our newest "Rich List" entrant: the infamous Jho Low himself. It's time! But before then, I wanted to let you know about our live broadcast today, where we exclusively revealed new details about Jho Low hiding in Shanghai's exclusive Green Hills development and operating using a fake Australian passport with a Greek name. It was an extraordinary four-hour broadcast with a lot of fun (and internet outages...) reminiscing, a review of our favorite Jho Low videos and recordings, and finally a serious discussion about the future of kleptocracy with the top two FBI agents who worked the 1MDB case and our big reveals.
What's crazy? We found Jho Low using a meme coin. We're proud at Brazen to be brave enough to "create dangerously," as Albert Camus famously exhorted young artists and writers.
（作者 Bradley
Hope 是獨立網媒 Whale
Hunting 的其中一位創辦人，另一位創辦人是 Tom
Wright，二人是前華爾街日報記者，擅長調查報導，長期跟進馬來西亞「一馬弊案」(1MDB
Scandal) ，之後創立網媒 Whale
Hunting。）
How
a meme coin helped catch the world's most wanted financial fugitive
Bradley Hope 的貼文
We just found the world's most wanted financial fugitive using a meme coin.
After 4 years of investigation, we've located Jho Low—the mastermind behind history's largest sovereign wealth fund heist—living in a Shanghai mansion under a fake Australian passport with a Greek name.
The numbers are staggering:
- $7.65 billion stolen from Malaysia's 1MDB fund
- $2.5 billion personally pocketed by Low
- $6 billion more missing from Chinese deals part of coverup
- $18 billion total cost to Malaysia (including the coverup)
But here's what shocked us most:
This playboy who partied with Leonardo DiCaprio and financed
"The Wolf of Wall Street" (yes, really) is now a strategic advisor to
the Chinese government, helping sanctioned companies navigate global
restrictions.
He lives in Shanghai's ultra-exclusive Green Hills district, drives luxury cars, and operates from an office in the Shanghai Financial Center—all while Malaysia desperately seeks his extradition.
In our 4-hour exclusive broadcast, we revealed how this "Billion Dollar Whale" transformed from a chubby-faced Wharton grad into a sophisticated financial criminal who nearly bankrupted a nation.
The lesson? In the age of blockchain and global transparency, even the world's most elusive fugitives can't hide forever.
（推介原因：Whale
Hunting 其中一位創辦人 Bradley
Hope 的貼文，指劉特佐
(Jho Low) 用假身份匿藏在上海，指導中國企業如何規避制裁。裡面提及荷里活電影《華爾街狼人》是劉特佐其中一個洗黑錢渠道。）
The Wolf of Wall Street Official Trailer (2:13 minutes)
https://www.youtube.com/watch?v=iszwuX1AK6A
（推介原因：《華爾街狼人》的預告片。）
Bradley Hope 的貼文
New internal figures reveal the staggering scale of the 1MDB fraud orchestrated by fugitive financier Jho Low – not the $4.5 billion initially reported, but a devastating $18 billion.
This represents one of the largest financial frauds in history, with profound lessons for risk management, governance, and international finance.
The Anatomy of an $18 Billion Fraud:
- Direct theft: $7.65 billion siphoned through fake deals and offshore accounts
- Cover-up costs: $6 billion in inflated infrastructure contracts to hide the losses
- Debt servicing: Billions more in interest and liabilities through 2039
The Human Cost Beyond Numbers
That $18 billion represents:
- Hospitals and schools that will never be built
- Infrastructure projects indefinitely delayed
- Economic opportunities lost for millions of Malaysians
- A nation's development fund transformed into one man's personal treasury
Red Flags That Were Ignored:
- Complex web of offshore entities and transactions
- Deals that made no commercial sense
- Governance structures deliberately weakened
- Suspicious use of private banks
Where Accountability Stands Today
Despite
living openly in Shanghai under an assumed identity, Jho Low remains at large.
Our investigation at Whale Hunting revealed he's reportedly advising Chinese
firms on sanctions evasion – the same skills that enabled the 1MDB fraud now
deployed in new contexts.
Key Takeaways for Business Leaders:
- Strong governance isn't optional – it's existential
- Political risk can devastate even sovereign wealth funds
- Transparency and oversight must be non-negotiable
- The cost of corruption compounds over time
The 1MDB scandal offers a masterclass in how sophisticated financial crime operates at the highest levels. It's a reminder that when governance fails, entire nations pay the price.
For compliance officers, board members, and risk managers: What systems do you have in place to prevent your organization from becoming the next cautionary tale?
（推介原因：Whale Hunting 其中一位創辦人 Bradley Hope 的貼文，裡面提及劉特佐經手的巨額金錢以及所用的洗黑錢手法，還有他在上海生活所使用的假護照照片。結論：「一馬弊案」是國家級貪污腐敗，結果是整個國家民族付出代價。）
Whale Hunting
https://whalehunting.projectbrazen.com/about/
Whale Hunting is a newsletter and podcast delving into the secret worlds of money and power that we became obsessed with during our investigation into the globe-sprawling 1MDB scandal. That project felt a bit like taking the red pill and suddenly seeing a hidden dimension all around us, where little-known characters were actually pulling the strings. We wrote a book about it.
Back then, we were long-time reporters for The Wall Street Journal. Now, we’ve struck out on our own to uncover more brazen stories than ever. At Whale Hunting, we’re immersing ourselves in the murky waters of the ultra-wealthy and influential, from billionaires and kleptocrats to criminals, spies and corrupt officials. The richest and most dangerous people in the world – our “whales” – are largely unknown to the public. They certainly aren't featured on the annual Forbes rich list.
Whale Hunting is a newsletter and podcast from Project Brazen, our journalism and production studio. Project Brazen is creating books, podcasts and documentaries about unbelievable true stories. Join us, and subscribe to stay up to date with all our latest work.
（推介原因：網媒 Whale
Hunting 的定位。）
Billion Dollar Whale
The Man Who Fooled Wall Street, Hollywood, and the
World
Author: Bradley Hope & Tom Wright
Description
Named a Best Book of 2018 by the Financial Times and Fortune, this "thrilling" (Bill Gates) New York Times bestseller exposes how a "modern Gatsby" swindled over $5 billion with the aid of Goldman Sachs in "the heist of the century" (Axios).
Now a #1 international bestseller, Billion Dollar Whale is "an epic tale of white-collar crime on a global scale" (Publishers Weekly), revealing how a young social climber from Malaysia pulled off one of the biggest heists in history.
In 2009, a chubby, mild-mannered graduate of the University of Pennsylvania's Wharton School of Business named Jho Low（劉特佐）set in motion a fraud of unprecedented gall and magnitude--one that would come to symbolize the next great threat to the global financial system. Over a decade, Low, with the aid of Goldman Sachs and others, siphoned billions of dollars from an investment fund--right under the nose of global financial industry watchdogs. Low used the money to finance elections, purchase luxury real estate, throw champagne-drenched parties, and even to finance Hollywood films like The Wolf of Wall Street.
By early 2019, with his yacht and private jet reportedly seized by authorities and facing criminal charges in Malaysia and in the United States, Low had become an international fugitive, even as the U.S. Department of Justice continued its investigation.
Billion Dollar Whale has joined the ranks of Liar's Poker, Den of Thieves, and Bad Blood as a classic harrowing parable of hubris and greed in the financial world.
Product Details
Publisher Grand
Central Publishing
Publish Date October
22, 2019
Pages 416
Language English
TypeBook icon Paperback / softback
EAN/UPC 9780316436472
Dimensions 8.0
X 5.4 X 1.2 inches | 0.8 pounds
BISAC Categories: Mystery, Thrillers & Crime, Mystery, Thrillers & Crime, Business & Money, Business & Money, Politics, Society & Current Affairs
About the Author
Tom Wright is cofounder of Project Brazen, a journalism-focused content studio, a New York Times bestselling author and Pulitzer finalist. In 2018, he co-authored Billion Dollar Whale, the definitive account of one of the world's most audacious frauds. He's the creator and host of Fat Leonard, a nine-part podcast about a man who corrupted the U.S. Navy. Both Billion Dollar Whale and Fat Leonard are being adapted for the screen. In 2020, Stanford University honored Tom with its Shorenstein award for services to journalism in Asia over a twenty year career.
Bradley Hope, based in London, is the New York Times bestselling co author of Billion Dollar Whale (2018) and Blood and Oil (2020) and author of the upcoming The Rebel and The Kingdom (Nov 1, 2022). He is the co-founder of journalism studio Project Brazen along with Tom Wright. Hope is a Pulitzer Prize finalist and Gerald Loeb Award winner.
（Whale Hunting 兩位創辦人把多年來跟進「一馬弊案」(1MDB Scandal) 的研究心得寫成書，聚焦劉特佐的角色，也提到 Goldman Sachs。）
The 1MDB Party’s Over for Swizz Beatz
Contributors: Tom Wright
Whale Hunting (Dec 12, 2024)
https://whalehunting.projectbrazen.com/swizz-beatz-lawsuit-jho-low-1mdb/
Excerpt: Lawyers for Swizz Beatz, the rapper and DJ best known for being married to Alicia Keys, responded this week to a lawsuit accusing him of receiving over $7 million in funds stolen during the 1MDB saga.
For years, Jho Low, the Malaysian who stole billions from the 1MDB fund, lavished gifts on his famous friends: Leonardo DiCaprio, Kim Kardashian, and Paris Hilton. Now, the Malaysian state is trying to claw back millions of dollars from one of Jho Low’s lesser-known celebrity pals.
Swizz Beatz, 46, is considered one of the world’s top rap producers and has worked with Kanye West, Drake, Beyonce, and Busta Rhymes. He’s also known as the husband of Alicia Keys. But it’s his years long lucrative friendship with Jho Low that’s put him in the crosshairs of Malaysia.
Liquidators acting for 1MDB claim in a U.S. civil lawsuit that Jho Low used stolen funds to pay Swizz Beatz, whose real name is Kaseem Dean, more than $7 million over several years. The suit claims “unjust enrichment” from “fraudulent transfers” and seeks the repayment of the cash.
Why would Low do this, you might ask? After stealing over $5 billion from a poor Asian nation, Low was creating a myth that he came from inherited money and was building a Hollywood and music empire.
（推介原因：Whale Hunting 網頁內有多篇跟「一馬弊案」(1MDB
Scandal) 或劉特佐有關的文章，這是其中之一，裡面提及多位娛樂圈名人。部份文章只限訂閱。）
Former Jho Low-linked Goldman Banker Soars High
Contributors: Tom Wright
Whale Hunting (Jan 8, 2024)
https://whalehunting.projectbrazen.com/jho-low/
Excerpt: A former Goldman banker who helped negotiate
a mega deal involving Malaysian fraudster Jho Low resurfaces in an important
new role. (For subscriber only)
Jho Low: Dominos Falling
Contributors: Bradley Hope
Whale Hunting (Jul 12, 2023)
https://whalehunting.projectbrazen.com/jho-low-dominos-falling/
Excerpt: We've been a bit slow to respond to some of the interesting 1MDB news trickling out in recent months, but things are getting interesting.
To recap:
- One of Jho Low's key deputies, Kee Kok Thiam, was booted out of Macau and sent back to Malaysia after his visa expired. The Malaysian Anti-Corruption Commission was waiting and started the process of interrogating him. Then a few weeks later, he suddenly died of a heart attack, spurring a lot of conspiracy theories that he'd been "offed" by someone trying to stop him from testifying. (Our sources believe his death was genuine natural causes, but the stress of the experience and likely imprisonment could have precipitated the stroke.)
- Today, we learned that Jasmine
Loo, a lawyer at 1MDB who was instrumental in big aspects of the fraud was
arrested by Malaysian authorities.
- A Kuwait appeal court ruled to uphold convictions of a member of the royal family and a former Jho associate for money laundering and other financial crimes.
- We previously reported in April that Jho Low is under house arrest near Shanghai and that Malaysian officials are negotiating with China for him to be handed over.
- The thread that links all of this together is one country, China.
(For subscriber only)
Cyprus Investment Program: A Hotbed of Corruption and
Scandal
Contributors: Bradley Hope
Whale
Hunting (May 25, 2023)
https://whalehunting.projectbrazen.com/cyprus-investment-program-a-hotbed-of-corruption-and-scandal/
Excerpt: The Malaysian fraudster Jho Low still has a Cyprus passport. How he got it and why he still has it is a crazy story of corruption and malfeasance.
Somehow Jho Low still has a valid Cyprus passport.
That's one of the reveals in a new investigative series by journalist Makarios Drousiotis, who is rolling out a fiery multi-part expose that shows rampant corruption involving politicians, service providers, land developers, and criminals, with ex-President Nicos Anastasiades directly implicated.
Drousiotis' latest report hit earlier this month (it's in Greek)
Jho had multiple passports, including one from St. Kitts and Nevis in addition to Malaysia, but only Cyprus has allowed him to keep it despite the overwhelming global evidence of his critical and central role as the perpetrator of the 1MDB fraud.
Cypriot journalists first exposed the details of how Jho managed to get a Cypriot passport in 2015. In an attempt to reduce the scandal, the Council of Ministers approved a proposal to strip Jho of his citizenship. But, as revealed by Drousiotis, President Anastasiades managed to scupper those efforts with procedural delays and changes to legislation introducing a new procedure for citizenship revocation.
So instead, Jho's case was referred to a newly established Independent Deprivation Review Committee. His appeal was accepted by the Independent Nationality Deprivation Review Board in March 2022.
This, to me, shows how far Cyprus will go to preserve a lucrative stream of money, even if it means providing safe harbor and travel documents to international criminals.
(For subscriber only)
Is this the Year Jho is Arrested?
Contributors: Bradley Hope
Whale Hunting (Jan 17, 2023)
https://whalehunting.projectbrazen.com/is-his-the-year-jho-is-arrested/
Excerpt: It's been a remarkable five years on the run for Low Taek Jho, a.k.a. Jho Low, one of the world's most infamous fraudsters. He went from one of the biggest spenders and patron of celebrities to an anonymous silhouette, playing his phones like a piano in shopping malls in China as the searches for a solution.
Many of his friends from the party scenes in L.A. and New York City still nostalgically refer to him as "the Panda."
"There's still no one that quite matches up," one told me, ruefully. Another person, who I really wish I could identify (alas), told me she had the night of her life with Jho and Paris Hilton. This is a woman who knows a thing or two about the high life and still the experience left her marked forever with a feeling that nothing can quite match up.
Since last autumn, Tom and I have been wrestling with the question: How is Jho still a free man, doing business and trying to negotiate his way out of trouble? We've run a live investigation #WhereisJhoLow, even discovering a picture of him in Disneyland Shanghai.
There hasn't been some kind of misunderstanding here. Billions of dollars are missing and all the signs point to Jho having access to most of those funds in Chinese banks. Without protection from China, it's hard to imagine where Jho could go. Possibly the U.A.E., which still has secrets related to the 1MDB case it would rather keep secret, but they have their hands full with oligarchs and kleptocrats (i.e. Juan Carlos I – see Corinna and the King) setting up new bases in their luxury towers.
Slowly but surely the range of options and sphere of safety seems to be closing in. In the latest Whale Hunting effort, together with a correspondent in Taiwan, we managed to kickstart an investigation into a company he opened there two years after the FBI started hunting him down. Check it out.
(For subscriber only)
Where’s Jho Low? Looking for 1MDB fugitive at a
Shanghai luxury estate
Michelle Ng
The Straits Times (July 26 2025)
Key Points:
- Journalists claim Jho Low, wanted in the 1MDB scandal, is living in Shanghai's Green Hills, an exclusive residential compound favoured by wealthy locals and expats.
- On July 19, investigative duo Bradley Hope
and Tom Wright, in a live stream titled Finding Jho Low, claimed that Low lives
in Green Hills, an upscale residential compound in Shanghai. They also alleged that Low is using a forged
Australian passport under the Greek alias “Constantinos Achilles Veis” to
travel freely within China, citing evidence from unnamed sources and newly
obtained documents.
- Malaysian officials cast doubt on the report, and Australia warns against passport fraud, while the multi-billion-dollar 1MDB scandal continues to draw international attention.
- When The Straits Times visited the Green Hills compound over two days, residents spoke of a quiet residential estate where neighbours rarely cross paths or interact due to the sprawling grounds.
- Three residents told ST that they have heard of celebrities and “famous businessmen” who live in the estate, but all said they did not know who and did not care to find out.
（推介原因：新加坡媒體跟進 Whale
Hunting 的報導。）
傳劉特佐持假澳洲護照 匿藏上海豪宅
東方日報 2025-07-21
https://hk.on.cc/hk/bkn/cnt/news/20250721/bkn-20250721110547747-0721_00822_001.html
節錄：馬來西亞國營基金一馬發展有限公司（1MDB）貪腐案在逃關鍵人物劉特佐，上周五（18 日）再被傳匿藏於中國，持假護照在上海過奢華生活。調查媒體報道，劉特佐以偽造澳洲護照隱藏身分，使用希臘名字 Veis Constantinos Achilles，目前住在上海高檔社區，距離他在上海金融中心的辦公室只有 15 分鐘車程。他目前擔任幕僚，協助受制裁中國公司維持在全球業務運作。劉特佐被指主導一馬公司與沙特國際石油成立聯營公司，將 7 億美元（約 54.6 億港元）流入自己公司，以及挪用一馬資金在海外置產。消息指劉特佐匿藏在中國，但馬來西亞政府及警方至今無法確認其行蹤，中國也多次否認包庇劉特佐。
（推介原因：香港媒體轉發 Whale
Hunting 的報導但沒有註明出處。）
Explainer
1MDB scandal explained: a tale of Malaysia's missing
billions
The alleged misuse of the government fund has brought
out tales of lavish spending, mass sackings and a long search for truth
Hannah Ellis-Petersen
The Guardian (28 Jul 2020)
Key Points:
- What is 1MDB?
- How was the money spent?
- How was the scandal uncovered?
- When was Najib ousted from power?
- What charges does Najib face?
- Where is Jho Low?
（推介原因：英文版的 1MDB 懶人包。）
The Kleptocrats - Official Trailer (1:57 minutes)
https://www.youtube.com/watch?v=v1sxxvrrKCM
以「一馬弊案」為題材的紀錄片。出自網民的中文譯名：《竊國大盜（鯨吞億萬）》
大馬前總理納吉布 25 項濫用職權及洗錢罪成 判監 15 年
RTHK (2025-12-26)
https://news.rthk.hk/rthk/ch/component/k2/1837628-20251226.htm
馬來西亞高等法院裁定，前總理納吉布（Najib Razak）在一馬公司相關案件中，濫用職權和洗錢等全部罪名成立，判監 15 年。檢方指出，納吉布擔任總理期間利用職務上的便利，讓與一馬公司有關的資金被非法挪用，流入個人帳戶。調查人員說，這些資金被用於購買高端房地產、豪華遊艇和珍貴藝術品。
法官駁回辯方多項辯護理由，包括納吉布被親信欺騙，最終裁定納吉布 4 項濫用職權和 21 項洗錢罪名都成立，每項濫用職權罪名判監 15 年、洗錢罪每項判監 5 年，所有刑期合併執行，總刑期 15 年。本案自 2018 年納吉布卸任總理後進入司法程序，現年 72 歲的納吉布目前已經因為另一宗與一馬公司有關的案件，被判入獄服刑。
（推介原因：「一馬弊案」的最新發展。）
相關的文章：
Kleptocracy（盜賊統治）
2021 年 8 月 20 日
https://xiaoshousha.blogspot.com/2021/08/kleptocracy.html
節錄：盜賊統治 (Kleptocracy) 跟洗黑錢活動關係密切，有如連體嬰，或錢幣的兩面。Kleptocrats 是指貪污腐敗的當權者（竊國者），這個詞經常在英語傳媒對於洗黑錢活動的調查報導中出現。金錢無國界，竊國者透過離岸公司及複雜的股權結構，把不義之財轉移至對資產提供較佳保障的西方國家，然後隱藏起來。竊國者要保護自己的權力以及家族利益，必定會全力摧毀本國的法治及設法打壓公民社會，同一時間卻享受著西方國家所提供的法律保障，卑鄙無恥，對不對？
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