The UFun Ponzi Fund: Were Nazifuddin, Najib’s 2nd son, and Zhang Jian involved?

All in the First Family: Najib, FLOM and Offspring

Is Zhang Jian now Artie (Arthit Pankaew) of the UFun Group?

4 October 2018

The Coverage

Interestingly, Nazifuddin, second son of ex-premier Najib Razak, was allegedly involved in UFUN Ponzi Scheme. The Get-Rich-Scheme had allegedly swindled 120,000 people involving at least 38 billion baht (US$1.13 billion, £720 million, RM4 billion) in Thailand about 3 years ago. Yes, like his daddy’s 1MDB Ponzi Scheme, Nazifuddin had his own UFUN Ponzi Scheme too.

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https://thecoverage.my/news/wine-woman-pleasure-family-razak-still-tons-hidden-billions-pretend-penniless-victim-vindictive-politics/

16 May 2015

Malaysian Insider

Najib’s son not involved in Thai Ponzi scheme, says IGP

Inspector-General of Police Tan Sri Khalid Abu Bakar has dismissed as rumours any information on the alleged involvement of Datuk Seri Najib Razak’s son in multilevel company UFun which is said to have cheated thousands of people in Thailand.

He said that Malaysian police had contacted its counterparts in Thailand to check on the validity of the information, which turned out to be untrue.

“Thai police never mentioned PM’s son (Mohd Nazifuddin Najib)” said Khalid.

– See more at: http://www.themalaysianinsider.com/malaysia/article/najibs-son-not-involved-in-thai-ponzi-scheme-says-igp#sthash.1dBULlrF.dpuf

Star

Friday May 15, 2015 MYT 9:06:11 AM

Najib’s son denies link with UFun

PETALING JAYA: Mohd Nazifuddin Najib, the son of Prime Minister Datuk Seri Najib Tun Razak, has denied any link with the controversial multi-level marketing company UFun.

Mohd Nazifuddin said a video, which had gone viral alleging his involvement with UFun, was a “libellous personal attack” in an attempt to smear his name and reputation.

“UFun has used my name to deceive buyers to encourage them to enrol in their ponzi scheme.

“I have no involvement with the group and have already told the police, Bank Negara and the Thai embassy of this incident when I first discovered it a couple of years back.

“I resigned from the posts of director and chairman of Sagajuta Group on May 31, 2012, a company that has been allegedly connected to UFun,” said Mohd Nazifuddin in a statement yesterday.

Mohd Nazifuddin said this had been an “unfortunate” experience as he had inadvertently become the victim of cyber bullying.

“I will not be hampered by these malicious attempts to defame and character-assassinate me,” he added.

http://www.thestar.com.my/News/Nation/2015/05/15/Najibs-son-denies-link-with-UFun/

UToken currently has six committee members from Thailand, Malaysia, South Korea, Vietnam and Guinea, with six bureaus throughout Southeast Asia, and the committee is looking to expand.

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http://cointelegraph.com/news/113934/four-arrested-in-us307m-alleged-pyramid-scheme-ufun?utm_content=bufferec81e&utm_medium=social&utm_source=twitter.com&utm_campaign=buffer

Phuket English News

Ufun Executives Arrested in Bangkok for Pyramid Scheme Selling

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UFun sold various cosmetics and supplements. The company focused on referring new customers, rather than selling the products. Customers were encouraged to invest up to $ 50,000 in order to receive discounts on the products.

Cars and Gold Bars

On the 8th of April, the authorities declared UFund a pyramid scheme and issued arrest warrants for all company shareholders and directors. Somyot Poompanmoung was quoted in an article by the Bangkok Post:

“We found the company did not mention products it registered to sell in its sales pitches. Instead, it urged clients to expand their teams by offering in return high-value items such as cars or gold bars. That way, the money it made mainly came from new members rather than from selling the products.”

UFun used its own cryptocurrency called UToken to let customers purchase its products. Members were strongly encouraged to bring in new clients with a very hefty bonus scheme. The authorities examined the promotional material and the amount of funds that were derived from new entrants into the scheme, and concluded that UFun’s profit from recruitment of new members greatly overshadowed proceeds originating from product sales.

By Jason Smith

http://phuketnewsonline.com/ufun-executives-arrested-in-bangkok-for-pyramid-scheme-selling/local

AMLO freezes over 300 million baht of assets from Ufun

AMLO freezes over 300 million baht of assets from Ufun

AMLO secretary-general Sihanart Prayoonrat said Tuesday that investigators found the company’s business activities were in violation of the direct sale and borrowings acts and deemed a public fraud.

The company which as its head office in Malaysia was accused of operating a pyramid scheme under the cover of direct sale and marketing of food supplements and other products.

http://englishnews.thaipbs.or.th/amlo-freezes-over-300-million-baht-of-assets-from-ufun

Bangkok Post

21 Apr 2015 at 17:01
WRITER: KING-OUA LAOHONG

Ufun may have cheated victims of B38bn in Thailand

The transnational online sales company Ufun may have cheated up to 120,000 members in Thailand out of about 38 billion baht in total through its alleged pyramid scheme, police said on Tuesday.

link:http://www.bangkokpost.com/news/general/536043/ufun-may-have-cheated-victims-of-b38bn-in-thailand. View our policies at http://goo.gl/9HgTd and http://goo.gl/ou6Ip. © Post Publishing PCL. All rights reserved.

Live picture from Ufun member gathering at Thai Police Head Quater now to give moral support to Nathee Ufun leader from Chiang Mai which Thai Police Chief General Somyos invite him for questioning about Ufun biz in Thailand at 2.00 p.m today .优趣泰国领袖集体到泰国警察总部请愿, 希望警方可以公平公正的对待此事件…

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BANGKOK – Thai police arrested four executives on charges of operating a pyramid scheme selling a cryptocurrency called “Utoken”, and stealing over 10 billion baht (roughly US$ 310 million).

Websites promoting Utoken claim that it “will outperform Bitcoin and eventually overtake Bitcoin as the Ultimate Digital Currency”.

According to Thailand authorities, the Sunday raid was a result of several complaints made by victims of the alleged UFun pyramid scheme. The scheme was international in scope, involving over 14,000 victims from Thailand, Malaysia and Indonesia. Only 250 million baht (roughly $ 7.6 million) have been seized by the Anti-Money Laundering Office so far.

UFun sold various cosmetics and supplements. The company focused on referring new customers, rather than selling the products. Customers were encouraged to invest up to $ 50,000 in order to receive discounts on the products.

http://phuketnewsonline.com/ufun-executives-arrested-in-bangkok-for-pyramid-scheme-selling/local

Star

Sunday April 19, 2015 MYT 11:51:48 AM

Thai cops on the hunt for Malaysian ‘Datuk’ over scams

GEORGE TOWN: Three Malaysians, inclu­ding a “Datuk”, are wanted by the Thai police after they allegedly cheated some 100,000 people, including Thais, of 20 billion baht (RM2.25bil) through a ponzi scheme.

Thai newspapers have named a company – UFun Store Co Ltd – which allegedly runs the scheme and that the Royal Thai Police are looking for its executive chairman “Datuk Daniel”, 40, and its two directors aged 38 and 42.

In a video posted on the Utoken Forum page, “Datuk Daniel” claimed that he was now in Kuala Lumpur.

“We have been in the market for more than two years, not a newly set-up company. The company would have been in trouble much earlier if we were really cheaters,” he said.

http://www.thestar.com.my/News/Nation/2015/04/19/Thai-cops-on-the-hunt-for-Malaysian-Datuk-over-scams/

Star

Saturday April 18, 2015 MYT 8:35:46 PM

Thai police track ‘Datuk’, two other Malaysians over illegal pyramid scheme

GEORGE TOWN: Thai police are hot on the heels of three Malaysians including a “Datuk” who are alleged to have cheated some 100,000 people worldwide, including thousands of Thais, of some 20bil baht (RM2.25bil) through a pyramid scheme.

Royal Thai Police are currently looking for the people behind UFUN Store Co Ltd, including the business’ 40-year-old executive chairman “Datuk Daniel” and its two directors, aged 38 and 42.

The Nation reported that arrest warrants were issued came following a police raid at the company’s headquarters in the Bang Na district in Bangkok recently. Four company’s executives, aged 34 to 40, were arrested recently on charges of embezzlement, the Thai daily reported.

http://www.thestar.com.my/News/Nation/2015/04/18/Thai-police-ponzi-scheme/

Utoken Creators Arrested, $307 Million Dollars Profit!

Embedded image permalink

Thai police have arrested four executives of UFun Store Co. Ltd., a business that operates an alleged pyramid scheme.

The company has reportedly made some 14,700 victims from Thailand, Malaysia and Indonesia, with an estimate of 10 billion baht (US$307 million) in possible damages, reported local media outlet Bangkok Post.

The four individuals are charged with collaborating in fraudulent borrowings and were arrested on Saturday, following several complaints from discontented members who had not received their promised profit since 2014. Police chief Somyot Poompanmoung said:

“We looked into its business and found it was in fact a pyramid scheme. We revoked its corporate licence on April 8 and sought eight arrest warrants for its shareholders and directors, three of whom are Thai.”

UFun, which essentially operates an e-commerce website, made money by persuading people to contribute to various investment plans that varied in cost from US$500 to US$50,000.

Members were also asked to persuade others to join by buying UToken, a virtual currency issued by the company and used to buy products on its website.

The suspects included Rittidej Warong, a lawyer by profession and police-sub lieutenant, who holds 51% of the company.

Other suspects on arrest warrants are three Malaysians — Tae Kim Leng, Lee Kuan Ming and Wong Ching Hua — and a Thai, Arthit Pankaew. The four are believed to be the masterminds of the scheme, according to assistant police chief Suvira Songmetta, who led the raid on Saturday morning.

http://cointelegraph.com/news/113934/four-arrested-in-us307m-alleged-pyramid-scheme-ufun?utm_content=bufferec81e&utm_medium=social&utm_source=twitter.com&utm_campaign=buffer

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This entry was posted in crpto currency, Datuk Danial Tay Kim Leng, UFun, UFun pyramid scheme Ponzi scheme, UToken, zhang jian and tagged , , , , , , , , . Bookmark the permalink.

1 Response to The UFun Ponzi Fund: Were Nazifuddin, Najib’s 2nd son, and Zhang Jian involved?

  1. Pingback: Is Zhang Jian now Artie (Arthit Pankaew) of the UFun Group? | weehingthong

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