ufunclub-logoWhen uFun Club accountant Namonpan Thara-bundit was caught attempting to flee Thailand for Laos, she told police that she

tried to quit the business after noticing alleged irregularities in UFUN Thailand and claimed she told UFUN Thailand members in her team of her suspicions.

“UFUN Thailand management then got angry. My account at UFUN Thailand has been suspended. I can no longer conduct any transaction or withdraw any money,” she claimed.

Yet Thara-bundit’s actions over the last few months paint a totally different picture.

Police yesterday revealed that, using funds she stole from uFun Club victims, Thara-bundit bought

a two-storey house on 300 square metres last December under her auto-parts dealer ex-husband’s name.

Police had already seized two other properties belonging to Thara-bundit, one of them used as a local uFun Club office.

In addition to concealing properties by buying them in other people’s names, Thara-bundit also dissipated other assets before she attempted to flee.

Colonel Angkul Klaikleung, deputy chief of the Consumer Protection Police Division, urged people who received Namonpan’s assets – such as two Mercedes and a brand-new Honda sedan – to notify police so they would not be charged.

She also ‘transferred money to other individuals on various occasions’, with those transactions now under police scrutiny.

All in all it seems Thara-bundit hoped assets in other people’s names would be safe from seizure. Then when Thai police began to crackdown she got rid of most of her illegal Ponzi money, gave away the cars and tried to flee Thailand.

Presumably the game plan was to meet up with other uFun Club executives in Malaysia, at which point money she transferred out of her name would be returned.

Either that or if her story about her relationship with uFun turning sour is to be believed, Tara-bundit might have simply tried to disappear (as other uFun Club executives have done).

In any event Thara-bundit now remains under police custody and is facing criminal charges. Information she reveals to the police will likely be of much help in putting together uFun Club’s local Thailand operations.

Suwira said the case would be filed with public prosecutors this month, so prosecutors could compile documents and evidence before officially contacting Malaysian authorities.

Malaysian authorities are also looking into an alleged pyramid scheme linked to a company there called UFUN Store.

There seems to be slightly differing accounts with respect to a Malaysian uFun investigation, with a meeting two days ago resulting in Thailand and Malaysia working together to investigate the scam.

On the prosecution side of things (arrests etc.) it seems Thai police have to first file their case with the Thai Public Prosecutors.

This uFun Store thing Malaysia are investigating meanwhile is just one of the many layers in the uFun Club scheme onion.

Closer analysis will reveal all these names are really just the same entity, used to push illegally invested funds across borders.

At the time of publication the latest figures out of Thailand detail a thousand or so victims with claims of $5.9 million USD.

Stay tuned…