ufunclub-logoFollowing the revelation today that the Malaysian CEO of uFun Club has been apprehended in China, news today out of Thailand detailing an additional three arrests.

Thai victims of uFun Club had told police that Wilaiwan Songsawan, 31, and her husband Ekkapop Songsawan, 36, plus another man, Reungsap Setthachaikorn, 41 had intimidated them if they went to the police or tried to leave the scheme (read: wanted their money back).

With uFun Club having failed to pay its investors for months now, there’s no doubt been an increasing number of victims looking to flee the scheme and cash out.

A sizable amount of these victims deposited funds directly with the uFun Club affiliates who recruited them, hence the threats now being made to keep them quiet.

Following their arrest, the Songsawans and Setthachaikorn

will face fraud charges, as they served as leading members and speakers for UFUN, Consumer Protection Police Division deputy chief Pol Colonel Angkul Klaikleung said.

Investigators found they had at least 1,000 members in their network and at least Bt1 million in bank accounts per month.

$29,600 USD isn’t the largest of funds, but deposits into their bank accounts is a tell-tale sign of uFun Club investors accepting real funds directly in exchange for worthless uTokens.

Possibly making it a challenge to track down other ringleaders, is the apparent ease with which one can change names in Thailand.

“Our detailed probe also found that Reungsap had changed names in five occasions starting from Somyoon Saisan, Sirichai Saisan, Kasidis Setthachaikorn, Krittapop Setthachaikorn until he has this current name of Reungsap Setthachaikorn – which might suggest his intention to hide or conceal something,” Angkul said.

He said police were due to inspect and seize assets of the suspects in Sri Racha later last night.

Sounds like we might see another round of houses and cars seized as further details emerge today.

What with China reporting yesterday that they have arrested over ten uFun Club ringleaders, including an individual purported to be the CEO of the operation, eyes remain focused on Malaysia, who have yet to take any official action against the uFun Club.

It is believed the Chinese investigation is ongoing, and might ultimately result in further funds being seized as those arrested are further interrogated.

With Malaysian nationals apprehended in Thailand and China, and others leaving and re-entering Malaysia at will over the last few weeks, the county appears unable to reign in Ponzi fraud within its borders.

Instead, Malaysian police are this week holding meetings with their Thai counter-parts, so that they might be educated as to the level of fraud taking place right under their noses.

The fruits of those meetings remain to be seen.

Meanwhile English-speaking uFun Club investors, likely realizing they aren’t going to be seeing funds they initially invested nor the ROIs they were promised, have launched a new investor recruitment drive.

Dubbed a “pre IPO offering”, top uFun Club investors are seeking suckers to deposit sums of up to $500,000 USD directly into their bank accounts.

In exchange for their funds, new recruits will be given worthless “investor points” (looking to be the successor of what were previously worthless uTokens).

umesh-rana-uk-ufun-club-investorWrites Umesh Rana (right), a top uFun Club investor from the UK;

Happiness is the end result of the great achievments in the life. But with UFUN the defination of happiness is slighlty different.

You don’t have to have a brillient mind set to be become successful. But you must definately have to have a positive mindset and an amazing (Right) opportunity at the right. (sic)

As a member of UFUN company your investments before the July for those who joins with 500 Package to 50 K will multiply by 10 times more value.

where on earth you would find such a great offer with any other Micky Mouse Companies out there?

This is the best time to Promote Utokens and help others to do the same.Now you only have only a moth and half this promotion.Once its gone its gone.

I know we have payment system issue but that does not stop for the one who is willing to succeed.

Behind uFun Club’s top leaders are a sea of victims, with some daring to voice their concerns yesterday in public:

I am awaiting commission due to me from March – I challenged an email from Fortune Chen as I wasn’t sure it was ligit and it turned out to be – since requested the money and not received anything as yet – what is the procedure and the delay?

i know people who are not paid since February, also support tickets totally ignored.

Another top uFun Club investor who is currently busy trying to recoup her investment is Lyn Summers. From Australia, Summers began investing in uFun Club following failed attempts at Ponzi riches in i2G and Global1Entertainment.

lyn-summers-daniel-tay-ufun-clubSummers (right with Daniel Tay) writes;

No one will lose money here every member will gain.

Let’s try and not think small here to limit our growth let’s think outside the square of price. People are very entrepreneurial these days families can join together many entrepreneurial people do joint ventures.

Would you rather sell a $500 package that could fail or sell a $5,000K package that has higher sustainable profits on a long term basis.

Also I have been asked about what will happen to our Utokens……. Dato will announce something out of this world very soon.

I hold a lot of Utokens and have purchased many more just recently.

Next Month we will be in China for the Grand Opening of the first UStore chain, 10,000 shops excepting UTOKENS and that’s just the start…..

What with China busy investigating taking a keen interest in uFun Club over the past nine months, I’m sure authorities will be waiting at the airport to welcome them with open arms.

Stay tuned…