Natthawat Boonpha, a prominent uFun Club promoter, was arrested in Thailand on Monday, May 11, 2015, becoming the twelfth individual apprehended in the country's ongoing crackdown on the alleged $1.17 billion Ponzi scheme. Police took Boonpha into custody for promoting the fraudulent investment and disseminating false information to recruit others.
Boonpha had actively used his social media, particularly Facebook, to champion uFun Club. His pages displayed extensive marketing material, including claims about an Indonesian mine and complex, often nonsensical, explanations of the uToken digital currency. These posts echoed the misleading narratives propagated by the scheme's management and top investors.
On April 21, Boonpha had shared an optimistic message with his followers, anticipating "good news ufun from the media, the neutral," and mentioning an interview on "channel 8" that would present uToken in a positive light. This public endorsement of uFun Club ceased around early May, coinciding with the period when police investigations into his activities likely intensified. Following his arrest, Boonpha's perspective changed. He now stated he understood the scheme was illegal.
Boonpha recounted joining uFun Club in April of the previous year, investing 17,500 Thai Baht, approximately $522 USD at the time. He later expanded his network to include over ten downline members. He maintained that his online posts, which supported a protest by uFun members, were not criticisms of the police. Instead, he claimed they aimed to encourage fellow member and gay rights activist Natee Teerarojpong. Boonpha admitted he had believed information from uFun Club's operators but now acknowledged the scheme's illicit nature. He urged other uFun members to consider the police's account of the situation.
Authorities across Thailand continue to dismantle the uFun Club network, which defrauded investors globally. The promotion of Ponzi schemes carries legal consequences, a fact often overlooked by affiliates. Directly or indirectly interfering with regulatory investigations also constitutes an offense. The Thai Royal Police have emphasized that ignorance of the law does not excuse participation in such fraudulent activities.
Within private online forums, many uFun Club investors circulated conspiracy theories targeting investigators. These narratives often aimed to dissuade downline members from demanding their money back. The ongoing actions by law enforcement are crucial for any potential recovery of the estimated $1.17 billion USD collected by uFun Club, a sum that risks disappearing if management successfully evades capture.
While Thai police intensify their efforts, concerns remain about the alleged inaction of Malaysian authorities, where uFun Club's management reportedly planned to vanish. The core mechanism of uFun Club mirrors the Zeek Rewards Ponzi model, using "uToken" as a form of Ponzi points. This structure, regardless of its digital currency facade, operates identically to earlier schemes that used terms like VIP bids or shares to mask their fraudulent nature. Daniel Tay, a key figure in uFun Club, has already acknowledged the uToken-based system was an illegal scam.
Police cannot realistically apprehend every uFun Club affiliate or educate them on the specifics of a Ponzi scheme. Individuals who continue to support the venture must conduct their own research into its legitimacy. Claiming ignorance after law enforcement has intervened, or after the orchestrators have absconded with funds, comes too late.
The Department of Special Investigation (DSI) in Thailand has urged investors to contact their hotline at 1202 for information on ongoing investigations and potential recovery efforts.