uFun Club abandon investors, Bina Puri file complaint
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 million THB ($525,000 USD) through the firm, buying a 29 percent stake in Bina Puri’s Thai subsidiary.
A UFUN branch, UTR Co, also bought 100 units worth Bt150 million in the Bangkok Marina Resort & Spa Project, he added.
Despite buying in for 29 percent and dropping $4.6 million USD on resort units though, uFun Club
didn’t send anyone to represent it on the board, leaving it with no participation in the company’s management.
So why did they invest in the subsidiary?
Precisely so that uFun Club investors could run around the internet claiming that the scheme was in a partnership with Bina Puri.
So the flawed mantra went, if Bina Puri was one of the largest construction firms in Malaysia, how could uFun Club be a Ponzi scheme?
Flashy images of the Bangkok Marina Resort & Spa accompanied the claims, with these actions now landing uFun Club in hot water.
Yesterday saw Bina Puri file an official police complaint in Thailand, specifically referencing uFun Club and its investor’s misuse of their company name.
Pairat Chanchaikaew, an advisor to Bina Puri, explained to Thai media,
UFUN had used the company’s pictures and logo to promote its various activities and advertising, leading to damage to (the) company.
We had previously warned UFUN not to do this and had filed a police daily record of it.
After the UFUN fraud allegations broke and resulted in arrests, damage was caused to Bina Puri’s reputation in Malaysia.
Its credibility and reputation were being used by UFUN so (we) filed the police complaint.
The company would compile evidence for legal action against UFUN later on.
What will come of the complaint remains to be seen.
In other uFun Club news management appear to have now abandoned their investors.
Chairman Daniel Tay (aka Tay Kim Leng) appeared in a YouTube video yesterday, in which he stated he would no longer be making public appearances or media interviews.
Tay, appearing sweaty and uncomfortable, urged other uFun Club management executives and leaders to do the same.
Tay stressed that the company would only communicate with investors, the media and the general public through their lawyers.
The whereabouts of Tay and his fellow uFun Club management remain unconfirmed. They are however believed to be hiding out in Malaysia, with warrants recently issued for their arrest in Thailand.
Tay was supposed to front a press-conference yesterday, with members of the Thai media flown in by the company to attend.
The conference was to clear the air as to the legality of uFun Club, with management explaining to reports why uFun Club scheme wasn’t the $1.17 billion dollar Ponzi scheme Thai police claim it to be.
Instead Tay pulled out at the eleventh hour, citing concerns of Malaysian authorities. The conference, first thought to be cancelled, was then rescheduled to be held in Bangkok.
An hour after the conference had initially planned to have been held in Malaysia, recently hired Thai lawyer Jessada Jandee fronted the media.
Instead of explaining how uFun Club wasn’t a Ponzi scheme though, Jandee used the opportunity to question the legality of the current investigation.
Jandee (holding the mic in the photo above), explained that uFun Club had hired a “team of lawyers” to
investigate two points.
The points are: why had the Thai police issued arrest warrants without prior summons as well as the facts and information that led to the issuing of the arrest warrants.
How much uFun Club are paying Jandee and other lawyers in fees is not clear.
If I might save Jandee and his fellow layers some time, the arrest warrants were issued because uFun Club operate as a Ponzi scheme.
Affiliates have invested upwards of a billion dollars in uToken Ponzi points, which hold no inherent value, other than a fictitious value uFun Club have attached to them.
This value is anchored in nothing else save how much funds have been invested with uFun Club globally. Any withdrawal requests, made under the farce of selling uToken Ponzi points back to uFun Club, are paid out with subsequently invested affiliate funds.
It’s that simple.
In other news US uFun Club investors continue to mislead their downlines, people they convinced to join uFun Club and invest.
Voicing over a YouTube video uploaded on April 20th, Jamison Palmer refers to public awareness of the Thai Ponzi scheme bust as “irresponsible reporting”.
Palmer refers to the shutdown of uFun Club as “a small matter”. He then goes on to compare uToken Ponzi points to BitCoin, despite marked differences between the two.
The most obvious of those being the lack of an MLM opportunity attached to BitCoin, and that the value of the coins is set by the marketplace, not a Ponzi scheme overseeing the distribution of said coins.
That doesn’t stop Palmer from crapping on about BitCoin for nearly seven minutes though, with the question of why uFun Club isn’t a $1.17 billion dollar Ponzi scheme left unanswered.
Palmer, along with Paul Brady, Rodney Burton, Casey Tan and Michael Mansell, head up the largest group of US uFun Club investors.
Under the team names “uFUn VIP” and “uFun Dominators”, the group have previously been observed actively attempting to censor information critical of the scheme.
Separately, Patrick Pretty is reporting today that the Colorado Securities Division are looking
into the extent” of promotional ties the UFunClub “program” … may have in the state.
At the time of publication no other US regulator has publicly confirmed they are investigating the scheme.
With Malaysia as it base, Ufun Thailand & the rest are just subsidiaries of Malaysian Ufun. As such all of its ill gotten gains in Thailand & the rest will be wired to Malaysia Ufun.
This lawyer sounds a bit uninformed when it comes to regulation.
Not being shutdown by regulators != operating legally.
Update on complaints filed:
18 million BHT = $555,000 USD. Not sure if that’s funds he personally invested or monopoly money he thinks his uFun Club Ponzi points are worth…
1] because this is a criminal case and a criminal investigation, not a civil investigation where the accused will receive summons or show cause notices.
2] the facts and information that led to the issuing of arrest warrants, was produced before the court, which saw enough material to order the arrest warrants.
today should be the bail hearing of the initial 4 persons who were arrested on the 10th of april? jessada jandee will have to explain to the court why ufun is not a ponzi/pyramid scheme.
BTW was the press playing dead in yesterdays jandee press conf? they didn’t ask any questions about the business model of ufun, or the value of the utoken?
natee, the gay rights activist had a meeting with assistant police chief suwira songmetta, who convinced him to back off from the public protests in support of ufun.
i cannot believe that songmetta advised him to convert utokens to ‘products’. the case against utokens is that it has no retail value in the market, therefore making it a ponzi scheme.
songmetta it seems has a way with sarcasm, which we saw in his ‘request’ to the thai press, to attend the malaysian press conf of danial tay.
if this sarcasm is lost on natee, he should actually covert his utoken ponzi points to products, and publish a list of all the goodies he bought with them.
this will greatly help all the poor ufun affiliates who are lugging their utokens across the internet looking for a buyer.
in the face of the Sheer Size [1.17 bilion] of ufun, and the investigation and press coverage in thailand and elsewhere, including the report that SEC, colorado is checking into the ‘extent’ of ufun there, the silence from malaysia is Deafening.
thailand police have confirmed that malaysian police are Aware of the ufun scam, have confirmed that malaysia has many ufun members and may even have some complaints there.
so, what’s going on with malaysia, with the whole ufun gang probably hiding there?
Latest news from Ufun Malaysia:
A conference of UBTMall Business Preview “Power of U Token” on 26 April 2015 at 7pm Cyrstal Crown Hotel has been suspended as per directive from Dato. Instead Dato wants all 5000 members to gather at the site of the Gateway event.
Looklike the MOA signing ceremony on the same date which is 1hr earlier at 6pm will probably be cancelled. Leaders safety could be used for failing to show up.
Maybe with Malaysia Police on their trail, the culprits are afraid to show up and will face arrest.
A beginning sign of the end of Ufun Malaysia? Man is least himself when he talks in his own person. Give him a mask, and he will tell you the truth!
What’s the “gateway event”?
Gateway event is where the MOA signing ceremony for Gateway Kland project 1.28b ringgit. Just 5 min away from the Crsytal Crown Hotel.
So this is going to turn into another Bina Puri then…
I’m thinking we probably won’t see any more “rah rah” uFun Club events held in Malaysia anytime soon.
3.5 minute video “Gateway Klang Project”.
of course. the gateway klang project is huge project in which the klang port authority also has a stake, along with established big builders.
as if these guys are going to turn up to sign any MOA with ufun!
Tay will probably try to turn this into a public protest.
And whoever owns that is happy to have a Ponzi scheme launder stolen funds through a 30% stake in the project?
Unless the owner of the Gateway Klang project isn’t a uFun Club investor themselves, how on Earth is this going ahead?
Surely they’ve done their homework on the Bina Puri fiasco (who are a fellow Malaysian construction firm of all things).
And what, 5000 uFun Club investors are going to rock up with their silly signs and chants demanding to know where their money is?
Should be a riot!
gateway klang has never made any comment about a partnership with ufun.
ONLY ufun is aware of this partnership!
i think there is no partnership, ufun is just getting affiliates to put downpayment towards condos in the project just like any selling agent would.
Guess we’ll find out on the 26th then!
Standby for “oops sorry we had to cancel that event too” announcement in 3… 2… 1…
well, if 5000 people protest/support ufun in kuala lumpur malayasia, it will become hard for malaysian authorities to continue to keep mum on the subject of ufun. it may spur them into Action!
“We love uFun!”
“We love uFun!”
“We love uFun!”
Your banging on so much about UFUN i think you love it!!
Do you define up is down and hate is love too?
i commend you on your sharp logic and analysis.
Interesting questions finally being asked by Thai media: bit.ly/1OJs4OE (Accents can be a bit hard to understand but most of it is in English)
Segment aired a few hours ago on Thai TV. Sounds like they’ve got the whole Ponzi points model downpat. And if they do, you can bet Thai authorities do too…
I’d be willing to bet if anyone actually asked uFun Club’s lawyer team what the business model was, where the revenue was generated and how it was paid out, that you’d probably get blank stares…
yes, this is the first sensible coverage on ufun from thailand.
they asked the important questions:
1] what is the source of revenue?
2] what is the underlying business that generates this revenue?
3] how come the scheme can generate huge returns of 30/40 percent?
4] what is the basis for the value of the utoken, or is it just a manipulated value?
now26 TV, was kind enough to include danial tays latest video.
danial tay should return this favor, and in his next video, address these questions, and REALLY help his thai investors to remain calm. why should that be difficult for him. huh shah, what do you think?
That is bad news, in 1994 in Moscow post-MMM ponzi riots almost caused a rebelion, causing Mavrodi (ponzi bank admin) to get elected as a member of parlament.
In 1997 in Albania , ponzi riots caused a lot of bloodshed and a armed civil unrests,
i think the public is much better educated today, than in the 1990’s. nobody will have the inclination to go around rioting over a ponzi scheme.
ufun affiliates are hurting right now, and in denial, and if they want to hold placards in the street, let them.
in a populated country like malaysia, a few hundreds of people on the street, for a few hours, is no big deal.
I guess you are not familiar with 2013 riots in Bengal, India:
One of the executives of that Saradha ponzi, was lynched by the vicims-mob on the street (beaten till death). Not even sure if it’s a good or bad thing.
what you have described is not a riot. it’s hurt and hopelessness.
saradha was a 40,000 Crore Rs worth scam. in the larger scheme of things, considering the population of india, and the prevalence of street justice in the countryside, one lynching is not demonstrative of ponzi rioting in my short but jaded, ‘cynical experience’ of real life in india.
of course, you may think otherwise, as you may belong to a different cultural mindset, and you are entitled to it. i cannot argue against even one lynching, because it is Just Plain Evil. but i wont call it a riot.
this comes from utoken news, and should be consumed with a pinch of salt, because these guys ‘spin’ like nobody’s business. translation experts please pipe in!
ahem! hello malaysia, Unregistered Businesses are Illegal.
if malaysia is hesitant about the ponzi scheme angle, being ‘unregistered’ is Enough Reason to stop the ufun business.
Trying to conduct huge public protest (a couple of hundred people) in Malaysia is a very bad idea.
Malaysia LE have a very draconian attitude towards public protest, the regulation have been relaxed a little recently (until very recently you can’t even do one without acquiring police permit, doing so without permit will cost you jail time) and even then they’re treading on eggshells to avoid clampdowns.
Come to think of it, this might be the few time would want the protesters to test the Police patience with them.
Read more here: thestar.com.my/News/Nation/2015/04/24/No-word-from-Thais-over-MLM-fraud-Bukit-Aman-waiting-for-details-of-probe-into-worldwide-cheating-ca/
Every time I share these Ufun Group Posts that OZ puts out with people Involved in the Scam they all end up Blocking me on Facebook and Kick me out of the Groups.
They tell me that Ufun Group is running Strong and everyone is still making Money everyday. They tell me that all the Bad News in the Media is Fake and that I need to find out the Truth!