Britain looking to thwart uFun Club IPO offering
Details on this one are currently sketchy, but it appears authorities in Britain are looking to preemptively put a stop to a planned uFun Club IPO.
Today saw the police attache of the British embassy in Thailand meet with Thai police to discuss the matter. British authorities are believed to have instigated the meeting, purportedly over concerns about a possible uFun Club IPO offering in the UK.
Jon King from the embassy said he needed the information because UFUN was getting ready to sell its fund units via an initial public offering at the London Stock Exchange.
Seperately uFun Club recently announced it was changing its name to Unascos.
Various marketing announcement suggested the Unascos website was supposed to go live today, but at the time of publication the site is returning a default WordPress blog installation in Chinese:
Whether or not uFun Club were looking to float an IPO under the name uFun Club, Unascos or possible a third unknown company name, is unclear.
Ditto whether or not news that British authorities are investigating uFun Club will have any effect on the now overdue launch of Unascos.
Previously uFun Club had used the name “uPocket LTD” to provide payment processor services through uPayCard.
Whether or not uFun Club still have an account open with uPayCard, a company based out of the UK, is also unclear.
Despite investors then able to login and create uFun Club ewallet accounts through uPayCard, the company claimed negotiations were still being discussed as of two weeks ago.
Stay tuned as this breaking story develops…
this is what the utoken ufun UK FB page announced on 16th june:
could ufun have bought over a shell listed company, the way umatrin bought over golden opportunities which is a pink listed company in the US?
but with UK regulators on their tail, i guess any plans of getting listed on the london stock exchange are a pipe dream.
I don’t think uMatrin has anything to do with this, but I wouldn’t be surprised if they aren’t being separately investigated in the US by the SEC.
I think the proposed uFun Club London float was either going to be Unascos or some other dodgy shell company name like uPocket.
jason bangayan a top ufun recruiter form the philippines has posted an image from unascos from his backoffice:
So affiliates can login, there’s just nothing for
regulatorsthe general public to see yet.
It seems like UFUN is getting more popular. Even England is investigating on UFUN.
On a side note, it seems like the members are given instruction to “wipe off” traces of UFUN. (facebook.com/multinasco)
From uFun Philippines:
So uh, the uToken/IP Ponzi points packages are still live?
This link provide more detail of the “advice”:
Here we go, affiliate login – win.unascos.com/u/login
even umatrin had adopted this secrety secret society methodology, which explains why it does not have a large online imprint [and why it does not seem to be doing very well alexa ratings wise].
ufun thinks it can run a secret recruitment business online!
is this why danial tay is scrambling across the countryside praying everywhere? – lord, strike down any rep who reveals anything about my secret online ponzi business, online! may they pay me and shut up forever!
anjali has struck a point there.
Warren Eu is the founder for Ufun and Umartin. Umartin has adopted the ways of the secrecy, while UFUN is going for popularity contest.
That is why UFUN has been in the spotlight and has drawn crowds to feed the “system”.
How can you get votes if you do not show yourself in the public?
But at least Umartin is quite safer now due to less exposures.
it appears unascos will be the new platform for all ufun/utoken members, combining utokens, U points, water bottles and pre IPO shares in some confusing mess, which is not clear at least to me.
From what little I’ve seen, there’s a binary backend (I saw “pairs” mentioned), with an investment frontend. ROI is now advertised annually, as a share of 1.8% of Unascos’ “global turnover” (affiliate membership fees).
You can now also invest up to $100,000, with there now being no mention of investment points or uTokens. I suspect that’s all being kept on the down-low, in the hope regulatory alarms won’t be triggered as they try to propagate the scheme through shell companies.
Bottom line is nobody is getting paid, and this is just getting messier and messier as Dato Dan and friends attempt to prolong the inevitable.
Thai authorities should not jump the gun putting ufun on trial by news media even before completing investigating ufun for alleged suspected pyramid or Ponzi scheme operation!
Authorities should first complete their investigation first then gather evidences then charge ufun for alleged crime committed but up till now no charge has been laid down to charge ufun?!
Only impounding ufun and members’ assets for alleged money laundering and no charge also has been laid down on this alleged crime committed?’ Wonder when will investigation being completed to lay charge?!
The investigation into uFun Club’s business model is complete. What we’re waiting on is the filing of a criminal report, which last we heard was supposed to be filed this Monday.
uFun Club’s Ponzi points business model isn’t a mystery. It might be new to the people of Asia but we’ve seen this all before with Zeek Rewards three years ago and a bunch of other scams since.
As of Saturday June 20th, Songmetta is claiming we’re on track for a Monday submission of the criminal case report (article was published Sunday 21st):
Unascos Office opening in Australia?? And Signing ceremony of Nickel Mine (again) in Australia??
Why UFUN so fond of Nickel mine??
If the criminal report is filed tommorow and Malaysian police get off their asses, is there even going to be a Unascos come August?
Mining in Australia is big up north and to the west, Melbourne is about as far southeast as you can get (Tasmania doesn’t count), so that doesn’t add up either.
And the opening of an office in an English-speaking country uFun Club can’t bullshit its way around and whom Thai police have confirmed are actively investigating the scheme? Riiiiiiiiiiiight…
Exactly how many people and how much money are we talking about here, and how many countries, this must be one of the biggest scams in the world if all the Ponzi type assumptions are correct and proven.
Thai police put out an estimate of $1.17 billion a few months ago. That number will need to be adjusted as the global extent of the fraud is uncovered.
Investor numbers are as of yet unclear. I don’t think police have seized the uFun Club affiliate database yet (Malaysia?).
The blowback from angry investors certainly seems to suggest so.
the new website of ufun called unascos ‘claims’ they are 500,000 members strong.
My request.I am membership Ufun Club years 2014-2023.Personal occount. Package members in Malaysian Rm 3800.00- 2 Star.
My claim Money. Thank you.
Claim with who? You invested in a Ponzi scheme that collapsed almost a decade ago.
Your money is gone. Sorry for your loss.