uFun Club failed to pay taxes in Thailand
Everyone has to pay taxes… even Ponzi schemes.
Yet despite telling their investors they were setting aside funds to do so, turns out uFun Club failed to pay a cent to Thailand’s Revenue Department.
Based on information they’ve thus far uncovered, Thai police estimate uFun Club’s Thai operations took in around $30 million USD.
Mr Prasong Poonthanet, director-general of Revenue Department, said Wednesday that police and revenue officials had tracked the money trail of Ufun Store Company and found out irregularities in its accounting book which showed earnings of over a billion baht but no taxes paid.
He said the company’s claim that it had set aside some of the earnings to pay taxes was just a hoax to convince its investors to believe that the company was operating a legitimate business.
Investor claims in Thailand meanwhile continue to rise, with the latest figures revealing 600 victims have come forward with claims totaling $4.6 million USD.
Around $24 million USD of uFun Club’s assets have thus far been recovered.
Stay tuned…
Update 7th May 2015 – More details of uFun Club’s tax evasion money laundering practices have emerged overnight:
Revenue Department chief Prasong Pulthanes said investigation had found that UFUN, established since late 2013, claimed to have no income and hence did not pay any tax despite large amounts of money wired to its accounts that year on several occasions.
UFUN claimed the transfers were related to loans for business investment, though no documents indicated investment plans, he said.
Also, the money was forwarded to individuals, whose details will be checked by authorities for links to UFUN.
Those individuals? They’re the same people you see in all the uFun Club promotional photos.
Company management, top investors and the like. People who didn’t care they were ripping others off, and were only interested in holding onto their gravy-train seat for as long as possible.
Looking forward,
Of the 14 people on police’s wanted list, eight have been arrested, including Chotipat Wutthihpanpokin. Assistant national police chief Pol Lt-General Suwira Songmetta said an arrest warrant would soon be issued for the 15th suspect.
An informed source said police has invited police liaison officers from the Malaysian and Australian embassies to a meeting tomorrow morning to exchange information on the UFUN network, which reportedly expanded to different countries.
Will the meeting finally spur Malaysian authorities into action?
Stay tuned…
Article updated with additional information on uFun Club’s tax evasion and money laundering activities.
Also news about a meeting being held “tomorrow” (May 8th) between Thai, Malaysian and Australian police.
Correct me if i am wrong. The latest article was published on 7May 1 a.m., which mean the news reported should be on 6 May.
The meeting held “tomorrow” between Thai, Malaysia and Australia should be today 7 May .
I wasn’t 100% sure on that so I took it literally.
“Tomorrow” from the 7th of may is the 8th. Guess we’ll find out tonight!
Without citing sources, JusticeAlwaysLate claimed that Thai Police had arrested 4 more individuals, as well as invited police liaison from the Australian and Malaysian embassies/consulates for a meeting.
Lol, the voiceover kills me:
uh, the voiceover sounded ‘indian’ to me. we have some ‘announcer’ types in india, who speak in the exact same way. forced accent and and highly irritating! unless, thailand and india do ‘irritating accent’ the ‘same way’! 🙂
there’s a new video out of danial tay, jimmy hoh, and a bunch of bedazzled affiliates, who went on a ‘tough’ journey, to investigate a nickel mine in sulawesi, indonesia.
there’s an open shed and there are some machines, with no work going on.
there’s no one from the company ‘pedesina’ accompanying this royal tour group. i mean, if i were investing with a nickel mining company called ‘pedesina’ [no internet presence], and i undertook a ‘tough’ journey to see their project, i would expect the management of pedesina to be there welcoming me with some cold water bottles and some chairs [at least?].
anyone can take a bus ride to a ‘not working’ mining project and stand around grandly announcing they have a stake in it , right?
how stupid does danial tay think his ufun investors are? this video is a hoot!
youtube.com/watch?v=hUBYL7YJCaE&feature=youtu.be
I see fields, a shed, a few rusty shipping crates, what appears to be Thomas the Tank Engine and one crane.
A $19 billion mining project that is not.
Also in the video Dato Dan mentions exports to China, “so we don’t have to worry about buyers”.
Apparently Indonesia banned exports of nickel ore in early 2014.
reuters.com/article/2014/05/08/nickel-china-japan-idUSL3N0NM45U20140508
As far as I can tell that ban is still in place (March 2015):
reuters.com/article/2015/03/25/us-nickel-china-ahome-idUSKBN0ML28S20150325
Dato Dan, please explain.
UNCONFIRMED ROFL SPECULATION THAT SHOULD NOT BE TAKEN SERIOUSLY BY ANYONE:
I know I know, the real purpose behind the Indonesia trip was to scout out a hidey-hole incase Malaysia decides to finally crack down on uFun Club.
What you’re seeing in that video is construction of underground bunkers for Dato Dan and friends!
i’m just worried about how dato dan’s white clothes will fare in a red mud pit.
and nobody dare miss the last shot in that video where danial tay poses against the setting sun. poetic. and highly indicative of unrealized tinsel town dreams. this guy has a bollywood hero hidden inside him ! 🙂
That’s related to a new Indonesian law from January 12 2015, where export of raw mineral ore was banned. The government wish to get more long term investments from the foreign companies that operates in the mining industry, “not just plunder the raw material”.
That’s probably why the mine is empty, why you don’t see any activity.
Law was passed in early 2014 from what I read.
that’s January 12, 2014.
since then lots of nickel ore processing industrial units are coming up in thailand.
tay forgot to mention all this. i guess his research guys dont read google more than one page deep.
It was a typo. And I was redirected away from that article to a “£1 trial subscription” when i tried to return to check the details.
From mining.com (random search hit):
9 out of 10 investors don’t know what they are investing in. They don’t bother to research or at least Google for it.
Calculation always looks good on paper, but there are still other elements to consider.
A good lemon tree does not mean it will bear fruits all year long. But nowadays, a good picture of heavily boom of lemons on a lemon tree does make most of them going gaga.