Thai police seize more uFun assets, Ponzi party in Malaysia
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 assets will be used to compensate victims of the scam.
Efforts to halt the uFun Club Ponzi scheme in Thailand are ongoing, with the latest action seeing regulators seize a condo and Lamborghini Gallardo belonging to Rathawit Thiti-arounwat.
Various documents (evidence) and a 1.5m tall safe box were also recovered.
Thiti-arounwat was one of the original suspects arrested earlier this month.
The combined value of Thiti-arounwat’s seized assets are estimated to be $1.2 million USD. In total, Thai police have now recovered $18.4 million from uFun Club scammers.
Asked about the identity of a 13th suspect, who police have issued an arrest warrant for, he declined to give details for fear the suspect would escape.
Police are gathering evidence to get a warrant to arrest a 14th suspect soon, he said.
Investor complaints also continue to rise, with 228 Thai uFun Club investors having now filed claims for $6.9 million USD.
Meanwhile over in neighboring Malaysia, regulators continue to do nothing to address the global fraud operating under their noses.
Obviously emboldened by regulators continuing to ignore the fraud taking place, yesterday saw uFun Club management hold a gala in Kuala Lumpur.
Introduced as a VIP, Daniel Tay (Tay Kim Leng) was flanked by security as he entered the venue.
After high-fiving the crowd of uFun investors and shaking some hands, Tay took a seat in the front-row.
Tay currently has a warrant out for his arrest in Thailand, which Malaysian police are well aware of.
uFun Club’s Ponzi party was purportedly held in connection with the signing of an agreement with Sagajuta (Sabah) Sdn Bhd.
The agreement, purportedly in relation to the Gateway Klang mall project, will see millions of dollars of stolen uFun Club investor funds laundered through the construction firm.
The Executive Chairman of Sagajuta (Sabah) Sdn Bhd is Mohd Nazifuddin, son of the current Malaysian Prime Minister.
Nazifuddin’s involvement with uFun Club is believed to be behind the lack of regulatory attention there.
And so the current scenario continues to play out.
On one side of the Thai Malaysia border you have authorities doing everything they can to shut down the scheme and limit further losses.
On the other side regulators sit around doing nothing, while a $1.17 billion dollar Ponzi scheme with powerful political allies continues to flaunt defiance.
The uFun Club Ponzi saga continues…
Oz, you missed this fun bit of news: Chinese paper speculates that Zhangjian is still in jail.
The guy Thai Police is looking for is his brother and 2nd in command in his previous scam.
Will the real Slim Zhangjian please stand up?
that’s an interesting bit of information. do you have some names?
in other news rodney burton [top US ufun recruiter] is getting silly on champagne in kuala lumpur. he cannot believe he has not been arrested.
meanwhile jamison palmer who had moved to bangkok, thailand to pursue ufun recruitment seems absent from the KL celebrations. not that confident huh?
the ‘party’ in KL, malaysia yesterday was held under the aegis of WMA or ‘winners masters academy’, which is a ufun associated training program headed up by jimmy hoh.
i didn’t notice any ‘ufun’ or ‘utoken’ POP in yesterdays photos and videos?
so danial tay & company are playing this ‘technically correct’ ie legally speaking it was not a ufun event. WMA is an independent training academy, blah blah.
this is not a logical/rational excuse, it would not have held up in thailand, but since the malaysian regulators are looking for excuses, it is excuse enough for them.
I’ve seen photos of Tay on stage and with uFun investors doing that silly hand gesture they make.
I’d be willing to bet the audience was 100% (or close to) uFun Club affiliates.
And if Malaysian police officers have indeed invested (UNCONFIRMED)… who the hell is going to clean up this mess?
what’s there to clean up? once the money is secured and recruitment falters, they’ll just go quiet and pretend nobody knew anything.
any press reports from malaysia yet about yesterdays party? is everyone pretending they did not know danial tay was lighting up KL with his golden beacon shirt?
Finally, found that public notice that Tay bought out UltraSpa!
who is ‘Wong Yew Hoong’, who is buying ultra spa alongwith tay kim leng [aha! finally his real name emerges on a document!]
why is this document not known to ufun affiliates. they have been flashing binapuri documents but seem unaware of this ultraspa document.
is it because this purchase is being made in the personal name of tay kim leng, and not ufun or any of its paper subsidiaries? this is tay’s private investment, it is not an investment on behalf of utoken investors.
rodney burton the top US ufun recruiter is currently in kuala lumpur attending the ufun gala.
this is what he posted 2 hrs ago on his FB page:
uh, meeting with the ‘prime minister’??
is malaysian prime minister najib, going to be Present at the gateway klang program??
Ultraspa was mentioned before as some sort of money making enterprise or some sort of member reward related to UFun, I think.
Poh Kong is a public listed company and Malaysia’s largest jewellery retail chain.
Poh Kong does NOT accept digital coin and/or digital currency. We have seen a number of posts circulating on social media (FB, Twitter & etc) stating that Poh Kong outlet at Kompleks Pernas Sogo is accepting digital coins and/or digital currency, such as post from UFUN-Utoken.
yes. ultraspa/mednspa were being touted as one of the Grand Investments ufun was making, to generate profits, that would pay the ROI’s of ufun members and hence ufun was all legal, and critics were just plain crazy.
the public notice you have found does not mention ufun/utoken at all, so this partnership will not accrue any profit for investors but only tay kim leng and his partner wong hew.
the binapuri investment failed, we hav not heard yet about how much marble ufun sells from it’s marble quarry project.
the klang project is all about selling condos to ufun members.
so ufun sets up a ponzi, and then top earners of the ponzi will be wined and dined, till they agree to invest their ponzi earnings into sagajuta projects.
for instance rodney burton [top ufun earner from US] has announced today that he is purchasing a flat in malaysia.
that champagne he was swigging has definitely hit him hard. why else would a US citizen go invest in malaysia? there’s some heavy duty Hard Sell going on in KL, malaysia right now!
10% condo payments in utokens does not mean the utoken has Any Value. it is just equivalent to a 10% discount being offered by the project, which any builder may offer.
rodney burton should try paying in utokens to any other builder in malaysia and see how that goes!
Anyone please summarize: youtube.com/watch?v=8sqE32JIoN0
I believe that’s just a mishmash of the current situation in Thailand. I think that guy is the one who was calling on police to treat uFun Club fairly earlier this week.