uFun Club ringleader wanted for pyramid scheme fraud
These days it’s getting more and more difficult to relaunch scams once your name is out there.
What with the speed with which news travels these days and just the sheer volume of information available to anyone with an internet connection, serial scamsters have to go to increasingly sophisticated lengths to launch their schemes.
Take for example uFun Club, which now increasingly starting to look like a Ponzi scheme heavily influenced by serial Chinese scammers.
For the latest on the Thai police investigation we turn to Thai PBS:
Royal Thai Police assistant commissioner Police Lieutenant General Suwira Songmetta said the police have discovered that one of the company’s major shareholders by the Thai name of Mr Arthit Pankaew, is in fact a Chinese national with a former Chinese name of Zhang Jian.
Zhang Jian was wanted in China for fraud after he ran a Pyramid scheme business and fled to Malaysia and then to Thailand.
Pol Lt-Gen Suwira said while in Thailand, Zhang Jian had purchased a fake Thai ID in Sa Kaeo province and undergone a plastic surgery to change his appearance.
Fake IDs, plastic surgery… anything to erase a dubious past and continue to mercilessly scam unsuspecting victims out of hundreds of millions of dollars.
Presently, the Royal Thai police is coordinating with its Chinese and Malaysian counterparts to confirm the findings.
At present uFun Club’s exact corporate structure is murky. There’s Daniel Kay and the General, who appear to be uncomfortable with their newfound fame.
Recent videos featuring the duo don’t exactly channel mastermind Ponzi scammers.
My take is they were just publicity whores promised riches while the real culprits handled operations from the shadows. Those individuals have now dispersed across Malaysia, the US and likely China.
What’s the bet some of them also turn out to be more than they might first seem?
In related news police raided the offices of Bina Puri, who were for a while at the center of uFun Club promotional efforts.
Consumer protection division police led by Pol Lt-Gen Suwira also raided a 5-storey commercial building in the Bang Na-Trad area, which hosts the Bina Puri Holding Company Limited, after finding that the company has business link with UFun.
UFun holds 29% stake in Bina Puri.
But an executive of Bina Puri dismissed the police finding saying the two companies are not in anyway related.
Instead Bina Puri had already acquired all the stake-holding from UFun.
But the police said they would continue to probe and want clarification from Bina Puri.
All that investor money’s gotta be laundered somehow…
I know I’ve been heavy on the uFun Club articles of late, but article-worthy news just keeps on flowing out of Thailand.
I’ll have some non-uFun Club reviews up tomorrow.
boss why be apologetic about ufun coverage. it’s the Biggest Bust of 2015. it’s Up There with zeek or telexfree!
plus Plastic Surgery, and fake ID’s! this is Ponzi at a whole new level.
it’s UNREAL.
Just covering my bases for regular readers who might not be interested in Asian Ponzi schemes.
o well, audiences just have to realize that ponzi schemes are sans boundaries these days, the focal centers will just keep shifting.
the US is tough on ponzi’s these days increasingly, so ponzis will find other fertile grounds to root in and grow.
nevertheless, people from all nationalities and will be affected, we know there are a lot of ufun promoters in the US, UK etc.
hello sleepyheads, the world is beyond physical borders today. improve your world vision.
Wait a minute… Zhang Jian… Wasn’t that the guy that was mentioned running that YunSuMao scam that hit Thai last year? I thought he’s in jail and got extradited back to China?
phuketgazette.net/phuket-news/Multibillionbaht-pyramid-scheme-magnate-arrested-Phuket/38293#ad-image-0
WTF?!
And I thought Zhang Jian is also a pseudonym? Unless that’s a cloned ID?
theantdaily.com/Main/Zhang-Jian-arrested-or-has-he
Here’s the original Chinese report on the National Chinese Anti-Pyramid Selling Center Website
cnfcx.org/renshi/web/6691.html (In chinese)
Wow, this is getting big. According to an older report, Zhang Jian was previously using a DIFFERENT Thai ID to sneak into Thailand from Malaysia.
phuketgazette.net/phuket-news/Multibillionbaht-pyramid-scheme-magnate-arrested-Phuket/38293#ad-image-0
If he was using ANOTHER Thai name to play owner in UFUN, then this is getting really really interesting.
I for one love this type of coverage.
Since many of the “members” of UFUN were in strict denial that anything could be going wrong with ufun and things would return to normal soon.
I don’t see that happening anytime soon.
Update, one of the uFun Club investors who has filed a complaint is a Thai military officer.
I wonder how heavily Anthiwat Soonpan pitched uFun Club to his military buddies? How far up the chain of command does investment go?
I’m guessing the “clarification” sought was “where do the ROIs come from”? And that’s why he never got an answer.
And lol at the “we love Ponzi schemes” protests. Nothing more than idiots hoping secure the monopoly money ROIs they were promised.
nationmultimedia.com/national/DSI-provides-info-for-probe-into-UFUN-30258380.html
according to ‘breaking news’ from a ufun member forum, utokens are going to be converted to ‘unit investment trusts’. this means that utoken will cease to be a digital currency and become a financial product.
this seems to be another pipe dream being sold to nervous members. to sell financial products across the world, ufun will have to register separately with countries, for permission to sell financial products there. i don’t think it’s even possible?
i notice that the ‘projects’ mentioned do not include the binapuri project, gateway klang project or mednspa project. only the marble mining project is mentioned, and some NEW ‘broadcast company’, and ‘solar energy project’ are being touted.
so, the goal posts will keep changing and members will be strung along on hopes of ‘Coming Soon’.
hmm, seems the gateway klang MOA signing scheduled for april 26th is off then?
there’s continuing blabber from affiliates about impending IPO’s and stock listings. there is no mention of the fact that a serial scamster with plastic surgery and fake ID’s has been at the top of the ufun ladder.
yesterday there was a ufun seminar in malaysia. i thought the malaysian police had complaints about ufun, and were waiting to act?
So uh what? Ditch the uToken cryptocurrency facade and deal in straight Ponzi points? Sorry… “unit investments”?
You can’t just call a $600+ million dollar Ponzi scheme “financial products” and hope to get away with it.
The problem is the Ponzi scheme business model, not the ruse uFun Club have attached to it.
These idiots are just randomly making **** up as they go.
The first question they need to ask is… Will the Malaysian government even permit this? Is UFUN even allowed to offer “financial products” in Malaysia?
Sounds like a trial balloon to calm the masses.
The most I look at UFUN, the more in common with ZhangJian’s YunSuMao fraud I see.
ZhangJian’s trick is basically have two companies… one that has products, basically cheap crap you can outsource from China like kitchen utensils, shampoo, luggage, , external power banks (for mobile phones), and makeup and facial products, etc.
That’s CDTUP. While YunSuMao is some “cloud digital commerce platform” that you can invest in. But here’s the full comp plan: mish-mash of every Ponzi theme under the sun:
From what I read from the Chinese reports, which referred to both prosecutions in China, as well as Thailand, Malaysia, and Singapore, NONE of his companies have bothered to even register as direct sales or MLM in Thailand, Malaysia, or Singapore.
They’re either general import/export or “computer technology / internet”.
A lot of this comp plan should look familiar to UFUN members.
Furthermore, sheeple are known to have circulated rumors that Malaysian Commerce and Retail Ministry had APOLOGIZED to YunSuMao and ZhangJian for repudiating is reputation.
The Ministry had to issue a public statement: not only were there NO apology, it will continue to investigate and prosecute any wrongdoing, and arrest ZhangJian if necessary.
Zhang’s wife had tried to post online photos that she claimed showed her congratulating her husband for winning some “World Outstanding Citizen” prize, and claimed the prize was won by many famous HK stars.
However, sharp-eyed Chinese netizens debunked that easily… The photos are just them wearing some sort of “ceremonial graduation robe”, and no photos at the ceremony or with other winners, and it’s 3 years late… It’s clearly bull****.
Sounds JUST like UFUN, doesn’t it?
(original Chinese news here: cnfcx.org/renshi/web/6259.html )
To ufun recruiters & members I wonder which one is harder accepting your fate and living with it or living in denial the rest of your life!
The Captain has abondoned the sinking ship leaving ufun recruiters & members behind to patch the leaks! A losing battle.
And that BMW? Apparently it’s down payment only.
Casey Tan (KC Tan?), who’s defending UFUN, may have previously also defended YunSuMao. Here’s an alleged photo? It’s not that “older” Casey Tan, but may be related?
i.imgur.com/XkcNOoP.png
The Chinese words on the signs says: International Internet: accomplishes more. Don’t libel YunSuMao
I got a list of who’s who in ZhangJian’s scam, including his two wives (Malaysian wife, AND Chinese wife) here. Any Thai locals want to see if they spot some UFUN players?
tw.gigacircle.com/918902-1
Man, Asian Ponzi schemes really do my head in.
Sooooooooo much bullshit to sift through.
just like the joint venture with binapuri [which binapuri terminated in nov 2014], ufun had a grand partnership signing up ceremony with a mining project:
binapuri has taken pains to clarify its position vis a vis ufun , on at least two occassions.
first, when they announced that they were only working on the marina spa project with ufun, but had no association with ufun outside of this project. second, when they terminated their agreement with ufun.
however the SiChuan XiaoJin ShunYi Mining company has never commented on it’s relation with ufun.
yesterday, the thai police raided binapuri’s office, maybe a raid on SiChuan XiaoJin ShunYi Mining, is up next?
Even when the shit hits the fan Casey Tan is posting this on facebook:
I’m guessing that UBT Office is not in Thailand?
Why doesn’t Tay just go to Thailand and explain himself to police?
All expenses paid trips (funded by stolen funds) for journalists to be schmoozed is dragging this into comical territory…
the UBT mall head office is in selangor, malaysia.
this means danial tay is in malaysia, unless he’s just trying to pull a fast one, knowing that thai media will not go the malaysia?
it appears that eddy tan [top ufun management] and sharmishta [a top ufun recruiter] are also in malaysia.
jason bagayan, a top philippines recruiter, recorded on FB on 16th april, 2015:
KL, i assume is an abbreviation for kuala lumpur, malaysia.
bangayan is one of the ‘leaders’ who is going to attend the gateway klang MOA signing in kuala lumpur, malaysia on the 26th,april,2015.
i cannot believe the malaysian govt will stand by, and let all this happen. how will they explain their inaction later?
today the malaysia sun has also reported on the news that DSI are handing the thai investigation over to the police:
malaysiasun.com/index.php/sid/232123663
in the face of the press conference in thailand today, and the busting of the lie that DSI was dropping the ufun invetigation, danial tay has written a ‘letter’ to his beloved affiliates.
somebody needs to translate this for us, but the gist of the letter according to affiliates is:
why wont danial tay give a video message? that would be so much more inspiring for affiliates?
maybe his body language will give him away? maybe he’s run out of versace loudshirts to wear?
facebook.com/UtokenLatestNews/photos/a.1540449979504751.1073741828.1540421409507608/1613875668828848/?type=1&theater
Sit tight guys, in the middle of something then will go over the BP’s latest article.
That’s because there’s no such company. There is a SiChuan XiaoJin ShunYi Marble Ltd. 四川小金顺意大理石有限责任公司
Any one want to ask them directly? Speak Chinese, since this is the actual website of SiChuan XiaoJin ShunYi Marble Limited:
shunyimarble.chinastone.cn/
From what I figured, this is basically an open-air marble quarry, and UFUN apparently signed some contract with them that will export their marble to Malaysia and Thailand or some blah-blah like that.
The UTokies of course tout this as “any profits from this join venture will be added to UToken Reserve and make us rich, rich, rich!”
Sometimes, there’s just no beating going directly to the source… The CHINESE promo for that big signing even even had the logo and Chinese name, which I have provided above:
i.imgur.com/wYLOYA5.png
Cheers K Chang.
I spent a good while looking for that companies website to no avail, even after watching the vid.
The video shows nothing of substance, just them walking round some mine with some banners and sitting down to write something.
The Thai princess? Nope. Some sort of governorI expect but not royalty.
It helps to know Chinese. 😉 That’s why there’s a website to share intelligence on scammers.