uFun Club @ BehindMLM

Ever wondered where uFun Club’s top recruiters stayed when attending uFun Club galas in Thailand? The answer is in one of 46 condos the company had purchased using investor funds. The condos have now been seized, as part of the latest efforts by Thai police to recover assets from the $1.17 billion dollar Ponzi scheme.

On paper the uFun Club Ponzi scheme is pretty straight-forward. Early adopters of the scheme invested real funds in exchange for uTokens. Then, according to the rate of new fund investment, they are paid monopoly money which is then re-invested back into more uTokens. Cash is made either by “selling” uTokens back to uFun Club, [Continue reading…]

Are we finally going to see uFun Club’s rogue fugitive executives brought to justice? If Thai authorities are to be believed, Interpol will is now overseeing a global manhunt to track them down.

The number of uFun Club investor complaints in Thailand has risen to almost three hundred, with 292 affiliates having filed claims for 110 million THB ($3.3 million USD). The latest figures were released as Thai authorities prepare to file criminal cases against uFun Club executives.

Despite being put on the Central Bank of Malaysia’s blacklist last June, uFun Club has continued to flourish in Malaysia. Local regulators and authorities have yet to take any action against the company, with officials as late as last Friday claiming they were yet to receive information from their Thai counterparts. Police are still waiting for [Continue reading…]

The regulatory reaction to uFun Club in Thailand and Malaysia couldn’t be any more different. Thailand cracked down on the $1.17 billion dollar Ponzi scheme over two weeks ago. Since then millions of dollars have been seized, along with various properties and other assets. It’s expected that funds seized and raised from the sale of ill-gotten [Continue reading…]

I have to give full credit to my readers for this one, as without their research there would be no story. Two weeks ago now we saw the arrest of several individuals involved with uFun Club’s Thai operations. Afterwards it was quickly established that uFun Club’s owners and upper management had fled to or were already [Continue reading…]

At the time of publication, some four complaints against uFun Club have been registered in Malaysia. Authorities are reported to be investigating the complaints, but by and large there’s a noticeable lack of inaction from Malaysian regulators. At present several key members of uFun Club are believed to be hiding out in Malaysia. uFun Club [Continue reading…]

In yet another PR disaster for uFun Club, new today that Thai police have seized a hundred Bangkok Marina units the scheme’s operators had previously invested in. The $5 million investment was made so that uFun Club affiliates had leverage in professing the legitimacy of the scheme through association with Bina Puri, the developer building [Continue reading…]

Prior to the regulatory shutdown of uFun Club, you’d be hard-pressed to find promotions for the scheme that didn’t mention supposed investment and partnership with Bina Puri. One of the largest construction firms in Malaysia, Bina Puri operate the the Bangkok Marina Resort & Spa through a local Thai subsidiary. Back in 2013 uFun Club laundered 17 [Continue reading…]