The mention of “members” from different geographical locations would instantly raise eyebrows about a possibility of MLM, which in turns translate to Get-Rich-Scheme, Ponzi Scheme, and whatnot. Hold on, not another Ponzi scheme, after the infamous Genneva Gold (*yawn*) scheme. Apparently, uFun turns out to be as huge as Genneva, if not bigger. Thai police has cracked down on uFun Store late last month, finally.
After a group of 110 victims lodged complaints with Thai police against the company, claiming that it has deceived them out of 35 million baht (US$1 million, £660,000, RM3.7 million), all hell breaks loose. The uFun Store has allegedly swindled 120,000 people involving at least 38 billion baht (US$1.13 billion, £720 million, RM4 billion). In comparison, Genneva Gold Malaysia had 50,000 customers only, before it was raided in 2012.
Although pale in memberships, Genneva Gold’s business turnover was roughly at RM3 billion. Nevertheless, both are still Ponzi scheme. Just like Genneva Gold, uFun investors or members would cry, whine, bitch and accuse authorities of illegal crackdowns and whatnot. But soon, the latecomers who get burnt would lick their wounds, while the early birds would thank their luck they have recovered their investment; and the process repeats itself.
Guess what, Mr Arthit Pankaew, one of shareholders of uFun Thailand is in fact a Chinese. His real name – “Zhang Jian” (real name Song Miqiu). Now, that rings a bell. The so-called billionaire scammer, who made headlines in the Malaysian media not long ago by proclaiming himself as the “future richest man in the world”, had apparently purchased a fake Thai ID in Sa Kaeo province and undergone a plastic surgery to hide his dubious past.
However, what raises eyebrows in Malaysia about the uFun Ponzi scheme is not about Zhang Jian, but rather Mohd Nazifuddin, the second son of PM Najib. After daddy Najib was linked to 1MDB’s RM42 billion debt scandal, the time couldn’t be better when Thai television station NOW-26 released a video report on Monday into alleged links between uFun and Nazifuddin.
As expected, Nazifuddin denies any involvement with uFun and its schemes, although he admitted he was a director and executive chairman of Sagajuta (Sabah) Sdn Bhd, until May 2012. However, Sarawak Report has revealed that it was less than a month ago (26th April 2015) that uFun signed a memorandum of understanding with Lagenda Erajuta Sdn Bhd, a subsidiary of Sagajuta, for the Gateway Klang development project, worth RM1.2 billion.
Interestingly, Nazifuddin the son of Najib Razak, is still the biggest shareholder of Sagajuta, through his company Generasi Cipta Sdn Bhd. So, did Nazifuddin play victim, though it was a lousy one, and hope the public would not notice it?
Plotting the Mohd Nazifuddin uFun Club timeline – LINK
After it was revealed that Mohd Nazifuddin had likely profited from uFun Club, he took to Facebook to issue a denial.
This was met with the revelation that Nazifuddin was a primary shareholder in Sagajuta, a Malaysian construction uFun Club affiliates first began claiming was working with uFun Club back in 2013.
Now, in an increasingly desperate bid to distance himself from the $1.17 billion dollar Ponzi scheme, Nazifuddin has been issuing statements of denial to the Malaysian media all day.
There’s just one problem… the timeline accompanying Nazifuddin’s denials doesn’t add up.
As reported by the Malaysia Chronicle, Nazifuddin claimed yesterday that uFun Club and Bina Puri held the event Nazifuddin refers to above on the 11th of November, 2013:
What you’re looking at there is Nazifuddin on stage, handing a winners check over to a Miss Wilayah Kebaya winner on October 18th, 2013.
Whether or not Sagajuta consider Nazifuddin’s links to uFun Club “insidious” or not was not clarified.
Meanwhile the latest denials regarding the Nazifuddin political scandal has come from uFun Club itself.
My main message for recording this video message tonight is to respond to the misleading news that was broadcasted by some of Thailand’s TV networks a few days ago.
In that inaccurate news it falsely reported that uFun Group and Malaysia’s Prime Minister’s second son, Mr. Mohb (sic) Nazifuddin Najib have business relationship together.
I would like to clarify that uFun Group has never appointed Mr. Mohb Nazifuddin Najib any position within uFun.
Source : Behindmlm
The Insane Tale of a Billionaire MLM Swindler Who Just Got Arrested in Indonesia
When it comes to white collar criminals, few were as outrageous as China’s Zhang Jian. He was the Bernie Madoff of Asia, a flamboyant pitchman with Liberace’s love of gold and a cult of followers so loyal they would do almost anything for the self-declared “future richest man in the world.”
Women shaved their heads to promote his own worthless currency, a gold coin emblazoned with his face. Men showed up at his “charity” events in dresses with their hair dyed a golden shade of blonde. He was known to hand out luxury cars like candy, mostly bought with the more than $140 billion USD he reportedly stole from investors in three countries before his eventual arrest in Indonesia this week.
Zhang, real name Song Miqiu, was on the run from Chinese authorities for years after duping nearly 200,000 people out of 600 million yuan, or $88.2 million USD, in a massive multi-level marketing ponzi scheme. He washed up in Southeast Asia in 2013, where he started to expand his crooked get rich quick scheme to Malaysia and Thailand. He bought a billboard in George Town back in 2014, appearing in a tuxedo and flashing dual thumbs up beneath some text declaring himself the “future richest man in the world.”
He promised investors outrageous returns if they invested a small sum—300 Malaysian Ringgit ($70 USD)—in an investment vehicle he called Yun Shu Mao, or YSLM. That initial investment could bring in as much as 6,8000 Malaysian Ringgit ($1,595 USD) a month, Zhang claimed. But the whole this was reportedly a ponzi scheme, a giant money funnel that required a constantly expanding base to show any returns. Zhang was at the top, so he hoovered up most of the money in his quest to reach the peak of a mountain of other people’s money, according to authorities.
Within a year, Zhang was under investigation again, this time by Malaysian authorities who started to receive reports from angry YSLM investors after their promised wealth failed to materialize. So he vanished again, only to show up in Phuket, Thailand, where he claimed to be in the process of becoming a Buddhist monk. He allegedly donated 3.9 million Thai Baht ($114,739 USD) to the temple once YSLM’s revenues hit the 50 billion Malaysian Ringgit ($11.7 billion USD) mark. He was arrested by Thai authorities in less than two months’ time.
He then reappeared earlier this year with his own currency, a gold-plated coin that he said would increase its value five-fold in a matter of months. Each Wu Xin Bi, or “Five Element Coin,” was sold for 5,000 yuan ($735 USD) by a team of “assistants”—hundreds of bald Chinese women promised as much as 30,000 yuan ($4,415 USD) in bonuses a month if they promoted the coin over social media. He launched the coin at a “charity” event that looked downright bizarre.
Then last month, Zhang threw another “charity” event, this one a 200 Malaysian Ringgit-a-head ($29 USD) affair for blonde men. Others wore dresses or showed off tattoos of Zhang’s face. More than 1,000 people showed up for the dinner, but Zhang was no where to be seen. His supporters told reporters Zhang was somewhere in the Maldives.
Turns out he was hiding out a lot closer. Zhang was arrested by Indonesian police and extradited back to China this week, where he faces a litany of charges. But he was still able to raise another 17.5 million Malaysian Ringgit ($2.5 million USD) in his Wu Xin Bi coin scam. Let’s hope those handcuffs are made of stronger stuff than his coins.