13 uFun Club scammers plead not guilty (Thailand)
Just a quick update, earlier today saw thirteen uFun Club scammers enter a plea of not guilty in court.
Prosecutors demanded that the defendants pay 2,451 people who allegedly lost money in the scheme Bt351.5 million in compensation plus 7.5 per cent interest per year until the full payment is made.
I’m assuming it’ll be a collaborative payback, with it making little sense to hold each of the defendants individually accountable for uFun Club victim losses.
The thirteen suspects are the first to face trial in the Thai uFun Club criminal case, with more expected to follow.
No word yet on international extradition requests for uFun Club management and insiders hiding out in Malaysia and elsewhere.
As I understand it things have ground to a halt following the name-change to Unascos, with many investors now being ignored by their uplines. uFun Club itself, as Unascos or otherwise, isn’t offering any official support or updates to their affiliates.
The Unascos official launch in Australia was recently put off till sometime in October.
Affiliates have also been banned from discussing uFun Club or Unascos in public (online or offline), under threat of having their affiliate membership terminated (with any invested funds forfeited).
Back in Thailand, an evidence review hearing for the first thirteen defendants has been scheduled for September 21st.
Update 7th July 2015 – Some additional information from The Nation:
An informed source said that Attorney-General Trakul Winit-naiyapak ordered the indictment of 160 people and four juristic persons over the scandal.
The first batch of 13 was presented in court yesterday. Another batch of 17 defendants is due in court on July 28.
The remaining 134 suspects are on the run, but public prosecutors have instructed police investigators to continue hunting for them until the statute of limitations expires in 15 years.
15 years!
This is likely a ploy to at minimum get the case looked at closely enough to adjust payments to lower amounts for people who did not receive as much.
Article updated with information of next batch of suspects facing trial, also police have fifteen years to catch uFun Club scammers.
Apparently Dato Dan is back in Malaysia. Unascos presented some check to an unsuspecting Malaysian charity yesterday:
The date on the check is the 6th of July and it’s made out to Misi Kemanusiaan Rohingya 2015, which is some charity thing.
Apparently the guy in yellow is someone from the Malaysian government, but I can’t confirm.
The bank the check is issued through is MayBank Islamic, a Malaysian bank.
This news was posted on UMNO party’s website. umno-online.my/2015/07/06/misi-kemanusiaan-rohingya-2015/
The guy in yellow looks like Dato’ Seri Dr. Ahmad Zahid Hamidi (a Malaysian politician and the Minister of Home Affairs)
en.wikipedia.org/wiki/Ahmad_Zahid_Hamidi
well, UMNO is headed by the current prime minister of malaysia, Najib Abdul Razak, who’s son nafizuddin, was caught partying with ufun management.
this is a clear indication that UMNO stands behind daniel tay&co. at this stage, Ahmad Zahid Hamidi and UMNO cannot pretend it was just ‘some’ charity event and they dint know nothing.
It’s already confirmed that Malaysia government is involved.
That is why Malaysia police does not act at all.
Dr. Ahmad Zahid Hamidi is the Home Minister in the najib govt. he was previously the Defence Minister.
these are very important ministerial portfolio’s, held by senior trusted politicians of a prime minister.
utterly shocking malaysia!
is malaysia cocking a snook at the world?!
old buddies, najib and hamidi. a political secretary is a very close confidant of a minister generally.and they have stuck together through all the years till now.
so, logical conclusion says that hamidi is fully aware of the entire ufun/unascos ponzi saga, and still turned up for a photo session with daniel tay.
the malaysian press has any views about this?
this is what the translation of the article on UMNO website says:
so, dato dan actually went to the office of the ministry of home affairs, and hobnobbed with the senior minister, while thailand has an arrest warrant for him in a 1.17 billion dollar ponzi scheme!
and for some reason dato dan has a ‘Dr’ attached to his name now?
Why would the media bother about the details? Just take some pictures and publish it.
Here’s the translated text under the photo.
Datuk Danial Tay seems to be accepted as long as he brings in gifts and donations. It doesn’t really matter where the money comes from, it’s about the amount more than about the origin. 🙂
You will love this one, a CNBC interview with Wall Street Journal journalist Ken Brown about an investigation into “Probe finds 1MDB money in Malaysia PM’s accounts: WSJ”.
It sounded like an ongoing story. The interview is from July 2 2015.
Oops, I forgot the link to that story:
video.cnbc.com/gallery/?video=3000393721
I’ve been watching that story, $700 mill USD traced to Malaysian PM’s bank accounts.
He denied it, but no explanation is given.
Yes, this is the father of Mohd Nazifuddin…
Part 1 of that story, from CCTV, can be found in Sarawak Report’s Facebook page (the blue video).
facebook.com/sarawakreport
It’s about $620 million + $61 million USD channeled from a state fund to his personal bank account. It’s under investigation.
Already got special task force to look into this matter.
therakyatpost.com/news/2015/07/07/special-task-force-freezes-six-bank-accounts-over-wsj-claims/
Two years ago?
Confirmed: Malaysia will start investigating uFun Club in 2017.
the whole family seems tainted with corruption.
najib’s step son is the producer of the biggest budget hollywood movie ‘the wolf of wall street’ and no one knows where he arranged all the money from.
And now, this:
The regulatory contrast between Thailand and Malaysia has to be seen to be believed…
Yup, Oz. This is how things is in Malaysia. All in cahoots.
That is why Malaysia is sweet haven to all the MLM scams. Like blooming mushroom after the rain. No action taken coz even the higher authorities are also involved.
As long got money inside their pocket, anything goes. Strict enforcement only to those who opposed the the iron fist.
@anjali
This should answer your question.
msn.com/en-my/news/national/najib-has-shamed-malaysia-with-1mdb-says-dr-m/ar-AAcEclu?ocid=TSHDHP
Hi guys, just a question on how all this affects investors in Australia as I know a fair few that have invested a lot of money through Lyn Summers at Stockcourse.
Is the ASIC looking into all this as I see UFun is a big scam??
If they were they aren’t going to tell you until they’ve finished. Unfortunately when it comes to regulatory investigations we can only usually report the post-game.