uFun Club prosecutions expected later this week
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.
Speaking to Thai media, Assistant National Police Chief Pol Lt-General SuwiraSongmeta
affirmed that police had sufficient evidence of wrongdoing by UFUN, so people did not need to be afraid of filing complaints. He said this case would be given to the public prosecutor to take to court this week.
At present police have issued thirteen warrants in connection to the case, with seven arrests made and the remaining six still at large.
Police are looking for six suspects who are believed to have fled the country.
At least three of these suspects are believed to be hiding out in Malaysia who, despite uFun Club losses estimated to be around $1.17 billion, have yet to take any regulatory action against the scheme.
Two of the suspects, General Athiwat Soonpan and his wife, were last believed to be in the US. Over a week ago now Soonpan vowed to return to Thailand “soon” to clear his name.
He hasn’t been seen or heard from in public since, with his current whereabouts unknown.
Meanwhile in Malaysia construction development giant has issued another statement clarifying a series of fabrications pushed by uFun Club and its affiliates.
In a statement published on the Bina Puri website on April 28th, the firm clarifies
that Bangkok Property Co., Ltd (BPCL) is the developer of Bangkok Marina Resort and Spa at Khlong Dan Sub-District, Bang-Bo in SamutPrakan Province Bangkok, Thailand.
Our associate, Bina Puri Holdings (Thailand) Ltd (BPHTL) holds 20 percent (%) share in the company.
UFUN Group (UFUN) through UTR Holding Co., Ltd (UTR) had expressed their interest to purchase 300 units of residential houses of the Bangkok Marina Resort and Spa development and BPCL had reserved the 300 units to UTR at selling price of US50,000 per unit.
However, UTR did not pick up the 300 units residential houses as promised. Therefore, BPCL had cancelled the commitment to reserve the 300 units residential houses to UTR and reduced to only 100 units residential houses at US50,000 per unit.
BINA PURI reiterate that we are not linked at all with “Utokens” and NEVER PARTICIPATE in any promotions of “Utokens” or any other promotions by UFUN Group or Company related to UFUN.
Several reminders and action were taken by Bina Puri to refrain UFUN from informing their members/customers that Bina Puri is a joint venture partner for the “Utokens” promotion.
Below are the chronologies of the purchase of 100 units of residential houses by UFUN and actions taken by Bina Puri to protect our rights and interests:
On 3/7/2014, Bangkok Property Co Ltd had an agreement with UTR Holdings Ltd on the sale of 300 units of residential at the Bangkok Marina Resort and Spa development.
On 9/7/2014, Bina Puri Holdings Bhd wrote a letter of protest to UFUN to refrain them from informing their customers that Bina Puri is a joint venture partner for Utokens. Bina Puri has no relationship with Utokens at all.
On 25/9/2014, Bangkok Property Co Ltd wrote to UTR Holdings Ltd requesting for payments of US$5.0 million for the purchase of 100 units of residential houses.
On 13/11/2014, Bangkok Property Co Ltd announced and advertised in Thailand media and newspapers the following:-
i) Confirming that Bangkok Property Co Ltd had sold ONLY 100 units of residential houses to UTR Holdings Ltd.
ii) Confirming that Bangkok Property Co Ltd had cancelled the selling of balance 200 units residential houses to UTR Holdings Ltd and open these units to other potential buyers.
iii) Declared and announced that Bangkok Property Co Ltd has no relationship with Utokens.
On 25/11/2014, Bina Puri Holdings Bhd in Kuala Lumpur cancelled the selling of 200 units residential houses to UTR Holdings Ltd and declared that Bina Puri has no relationship with Utokens.
Finally on 28/ 11/2014, Bina Puri Holdings Bhd advertised and announced the above details through Malaysia media and newspapers namely THE STAR and SIN CHEW JIT POH.
The latest statement by Bina Puri was issued after Thai police froze the bank accounts of Bina Puri Holdings (Thailand) Ltd.
Meanwhile Bina Puri Holdings have agreed to refund the $5 million in stolen uFun Club investor funds used to purchase the 100 units.
This money has been seized by police, and will be used to compensate uFun Club victims at a later date.
Despite further clarification that uFun Club never held a stake in Bina Puri or any of their associated companies, nor did they ever enter into a partnership with the same, other Malaysian companies are still eager to be paid stolen Ponzi funds.
Recent partnerships with Sagajuta (Sabah) Sdn Bhd and MednSpa have been signed off on, with both companies expected to receive undisclosed amounts of fraudulently obtained investment funds in the near future.
Sagajuta (Sabah) Sdn Bhd, a developer of the Gateway Klang shopping mall project, is of particular concern seeing as funds appear to have been laundered through the firm since uFun Club’s conception.
Mohd Nazifuddin, son of current Malaysian Prime Minister Mohammad Najib Abdul Razak, is Executive Chairman of the firm.
MedNSpa meanwhile are a “health spa and beauty salon” chain who appear to also be based out of Malaysia.
Neither company has thus far raised any concern or objection to being flooded with uFun Club Ponzi funds.
Stay tuned…
prime minister najib seems to be using his political career to make money. as countries like malaysia are in the development phase humongous development/construction projects are undertaken involving humongous amounts of money.
a govt fund called 1malaysia development bhd [1MDB ]which was under PM najib’s watch, is showing huge debt, while assets do not tally with the spend. in other words money lost/siphoned out is not explained.
even the central bank of malaysia, bank negara, sems to have brushed off this issue saying these losses will not affect the health of malaysian economy.
so, misuse of political position seems to run in the mohd abdul najib razaks family and the construction industry seems to be their chosen instrument for financial gain, with the central banks, finance ministry, police and press, bending and scraping and letting them have their way.
i know this is off topic, but it gives us insight into the najib family’s shyster ways and the mindset of the malaysian govt setup, which seems to have no independent functioning at all.
news.asiaone.com/news/malaysia/najibs-brother-explains-views-controversy-over-1mdb-issue
for some strange reason rodney burton top US recruiter of ufun, who is back home from the malaysian ufun gala, wants to make a full on 90 day ufun recruitment drive, akin to ‘MJ on game night for his last ring’.
why ‘last ring’ burton?
rodney burton must be back full of confidence about ufuns spectacularly legal business, right? he should be saying —guys let’s really build this business because utoken is the next big digital currency which will takeover the world! i have full faith in dato danial tay!
so, why ‘last ring’ burton?
call me cynical, but burton’s choice of words, gives me the impression he wants to make a speed run to make as much moolah as he can, before the inevitable collapse of ufun. no?
It’s called kleptocracy (alt. sp. cleptocracy), or sometimes oligarchy. It’s a relatively common type of government.
Here is the latest for all it is worth. UFUN is going big baby!
That is an email from some punk who has been trying to recruit me. The scam continues? This is painful.
One Store is purportedly being opened in china, with a PLAN of opening a 1000 [yeah big dreams].
so, the store will probably accept utokens for say 10% of the product payment. that’s like a 10% discount, and the utoken is comparable to a discount coupon, much like dubli or lyoness provide.
the meat of the game will remain in the recruitment of investors, who get paid for recruiting more investors. the ponzi will continue. you can keep adding side attractions like products, travels, discounts or whatever, it doesn’t matter.
but, no point saying this to ufun members because they believe they are proud owners of binapuri, and klang , and mednspa, and 1000 china stores. they are billionaires in their heads with worthless utokens in their member accounts!
tay&co are very brave to take their ponzi game to china:
Who is this Chinese Billionaire ??
Another $667,000 recovered from uFun Club executives:
In other news Malaysian regulators continue to sit around twiddling thumbs.
bangkokpost.com/news/general/545691/amlo-seizes-b220m-more-from-ufun-suspects
UFUN have a $2 billion U-city development project ‘in the pipeline’.
I think this is the big secret they keep alluding to. I think that all the affiliates who attended the Klang opening have been made privy to this and told not to tell anyone.
It keeps popping up on peoples pages “If I could tell you what I know about UFUN you would throw your money at me, but I’ve been sworn to secrecy!” and stuff like that
Also saw this today:
facebook.com/1563826183868449/photos/a.1563844503866617.1073741828.1563826183868449/1568431756741225/?type=1&theater
Casey Tan saying himself that UFUN copied the Finncity ponzi model, and that people from Finncity and Mface are on board with UFUN.
yeah. they will probably round up big earners in ufun, to purchase a few flats/shops in the so called ‘$2 billion U-city development project’, and pretend like they own it.
ufun is a ‘make believe world’, for people who want to believe in something/anything, that gives them respite from the drudgery/ problems of real life.
it’s sad, and the fact that people illegally profit from it, makes it so criminal.
one tight slap to tay&co.
and malaysia.
The more Tay talks, the more he sounds like “TelexFree” Costas in Brazil and Comical Ali (of Iraq).
Costas was infamous for parading a request for quotation as “contract guaranteeing income” and so on and so forth. And we all know what the Iraqi info minister said on TV to prop up the Saddan Hussein regime, eh?
Well done Thai Police:
bangkokpost.com/news/general/546027/amlo-empties-ufun-safes