UFUN

[wazza]

To be honest with those figures that were bandied around with the arrests I wouldnt be suprised at all if some expat members here might have been burnt.

These ponsi schemes rely also on friends and colleagues of a committed investor to keep it going etc. Recommending new investors.

It cant just be all gullible Thais surely.

[ting_tong]

The reputable farang,an existing sponsor who paid for their ad

the guy is a Thai national and I told him it was a scam when he first talked about it (he got mad about it), I had to call his brother to tell him the police will be coming for him. he didn't believe me when I first told him, and he didn't believe me when I told them the police will be coming.

what do I know? I keep my money in the bank or my pocket

[pomps]

Off on a tangent a tad,has anybody been to the restaurant that was originally mentioned Did it have the best cutlery,marble flooring and gold taps in the toilet

[Zidane]

Noodle Pig Pig Thai restaurant in Udon Thani is on Facebook.
They look to have some quite nice desserts but would you pay in baht or tokens ?

[trubrit]

I actually don't think the topic "Investments" is suitable for a discussion forum like ours, yet alone as a sponsored topic. Even a legitimate company offering investments can, and do come unstuck from time to time and the onus for the loss could be blamed on UM for publishing the advise.Plus we are seeing with the Bangkok forum that some seemingly independent companies offering various services are in actual fact not independent but share some connection with the forum . WE really don't want to get into that sort of operation or even raise the suspicion of involvement do we? I am sure I wasn't alone in my suspicion that was the case with this topic until UM cleared the matter.There must be sufficient normal business's not to need this source of revenue . :-"

[ting_tong]

the brother owns the restaurant, the teriyaki pork, deep fried wontons and noodle dishes are very good

the other brothers Thai dream of being a business owner went south with his bad choice, I tried to warn him early on, but he has that typical Thai stubborn hard head and what does a farang know?

my money is still in the bank and my pocket.............he said he was going "all in" and from what I know he had at least 30K in the pyramid......HAD

[wazza]

Noodle Pig Pig Thai restaurant in Udon Thani is on Facebook.
They look to have some quite nice desserts but would you pay in baht or tokens ?

Bronze members can pay with Archa Tops.

Silver Singha, Chang and Leo tops

Gold Members San Mig, Heinekin tops

Platium members Corona and Fosters LOL

[old timer]

my money is still in the bank and my pocket.............he said he was going "all in" and from what I know he had at least 30K in the pyramid......HAD

All in at 30k? Even a rice farmer can afford to lose more than that. Was he on the dole or something?

OT...........

[ting_tong]

keywords you missed "at least"

[wazza]

Ive just googled this subject to see what else is out there etc.

https://www.google.com/?gws_rd=ssl#q=uf ... investment

Surprise surprise , TV had a thread on it , slagging it off basically with one member pushing it etc

BUT it seems it was also on this forum on Nov 2, with 15 posts and 2 authors.

The link has been subsequently deleted by UM. so its not the first time UFUN has been on this forum. going back 5 months or so...

[pomps]

Cannot find the link where someone mentioned " lucky heather" is also a good investment Just a seasonal club I presume

[FrazeeDK]

the police are expanding their arrests to "all connected" http://www.nationmultimedia.com/nationa ... 57996.html

[pomps]

Police to try to get money back for the investors =D> what a cheeky sauce someone trying to leave the country via nong khai but got nabbed =D>
http://www.nationmultimedia.com/nationa ... 58229.html

Did see something on TV Channel 3 with a spokesman apologising to the Thai investors but saying the biz is 100% legit but he had on either side of his desk a gold pyramid paper weight,must love going to Egypt I presume
Cannot locate the clip but twas good

[wazza]

Probbaly stopped off at Farohs for her last meal on her way to NK. Travelled Udon to Nong Khai by TukTukamen

[BobHelm]

Net spreads wider over UFUN

http://www.nationmultimedia.com/nationa ... 58461.html

INVESTIGATION into allegedly fraudulent schemes linked to UFUN Co Ltd's purported branch UFUN Thailand will expand to cover another three or four related firms, as well as focus on 30 key suspects, the Department of Special Investigation (DSI) told the police yesterday.

Meanwhile, assistant national police chief Pol Lt-General Suwira Songmetta said the damages could be as high as Bt38 billion worldwide and that 110 people had so far filed police complaints against the firm in Thailand. The Consumer Protection Police Division now has some 400 officers in charge of receiving complaints to prepare for the 45 or so more complainants that were expected to come forward later yesterday.

DSI deputy chief Pol Colonel Paisit Wongmuang said the three or four companies in question were linked to Malaysia-based U-Fun Store and that there were another 30 key suspects.

Pol Major Suriya Singhakamol, director of the DSI Bureau of Technology and Cyber Crimes, said the information provided to the police came from a technical investigation, the result of which matched the 20 suspects for whom arrest warrants have already been issued. He said these suspects have apparently changed their identities between three to five times, adding that the DSI probe would be conducted alongside that of the police.

Suriya said the DSI probe learned that U-Fun Store had allegedly set up three or four branches, which purportedly followed the same operating system down to using the U-Token currency for trading.

Suwira, who is leading the investigation, said police has handed over Bt200 million worth of assets seized, including Bt16 million in cash, to the Anti-Money Laundering Office for further investigation and possibly auction in order to compensate the victims.

He also called on the media to attend a press conference scheduled to be held in Malaysia by UFUN executives, ask questions and pass the information onto Thai police. He said police had also asked their counterparts in Malaysia to locate three Malaysian fugitives and check on the background of the fugitive identified as Arthit Pankaew, who was reportedly involved in fraud cases in both Malaysia and China.

In response to some UFUN Thailand members' call for justice and claims that the company is innocent, Suwira said police was proceeding according to law and had gathered evidence before six suspects in custody were arrested. He said that police would be able to submit the case to public prosecutors by next month.

Meanwhile, a check by Malaysian newspaper The Star shows that the UFUN office in Kuala Lumpur has been emptied, though there are many notices on its door. A building receptionist, who refused to be identified, said the office had been empty for more than six or seven months.

"We never see anybody there. Sometimes people come into the office to ask for UFUN, but it is always empty. Even the mailman cannot deliver packages to the office," she said.

The Star reported that UFUN Co Ltd's executive chairman Daniel Tay has denied allegations that his company was involved in fraudulent practices in all of its businesses and said he would cooperate with the Thai authorities and respect the law following the crackdown.

"We'll cooperate with the Thai government and provide necessary information needed to clarify that we are innocent," he said in a YouTube clip recently.

In the nine-minute video, Tay claimed: "The business will continue to grow and we will take care of those who have U-Tokens. We have no intention to cheat our members' hard-earned money. I advise our members in Thailand to calm down for the moment."

He said although UFUN Thailand's account has been frozen temporarily, the company assured that it would be paying its member's withdrawals.

"The company will not reject any withdrawals unless in special cases like technical problem, lack of information or manpower," he said.

[pomps]

The screen shot of those pyramids from Tay's video in the link below marvellous
http://behindmlm.com/companies/ufun-clu ... read-lies/

[wazza]

Seems their UFUN UDON FB page taken down, that had all the pictures of Udon citizens involved

https://www.facebook.com/ufunudonthani/photos

Wonder how many Ex Pats involved ??

[chewbacca]

So far all things considered, it looks like it's been a Thai-upon-Thai affair with a few Malaysian string pullers in the background. All online assets (Facebook, etc.) were taken down within hours of the raids, standard operating procedure.

For the John Q. Farang version of recent Bitcoin Ponzi schemes gone bad, this one's more applicable: http://www.coindesk.com/bitcoin-ponzi-s ... 0-million/

If anything, one might complain about the negative impact (of Utokens, et al) upon Bitcoin, which seems a rather interesting concept.

Perhaps certain media happy to smear Bitcoin for a few quid?

CB

[pomps]

Seems their UFUN UDON FB page taken down, that had all the pictures of Udon citizens involved

https://www.facebook.com/ufunudonthani/photos

Wonder how many Ex Pats involved ??

Whatever happened to the original op of the thread started back in November 2014 He logs in but has not posted to give any update on the Udon branch of UFUN

Would have been helpful imo

[chewbacca]

Seems their UFUN UDON FB page taken down, that had all the pictures of Udon citizens involved

https://www.facebook.com/ufunudonthani/photos

Wonder how many Ex Pats involved ??

Whatever happened to the original op of the thread started back in November 2014 He logs in but has not posted to give any update on the Udon branch of UFUN

Would have been helpful imo

Maybe you can track him down by scanning through Facebook photos for a match like in the Wine House thread