The Autoriti Monetari Brunei Darussalam (AMBD) issued a second public alert against the uFun Club, a suspected pyramid scheme, following reports of its continued promotion and false claims of regulatory approval. The regulator had issued its first warning two weeks prior.
The Autoriti Monetari Brunei Darussalam, Brunei's central bank and financial regulator, acted after discovering individuals and entities promoting uFun Club on social media. These promoters falsely claimed the AMBD supported their financial products. Some uFun Club investors continued marketing the Ponzi scheme despite the initial warning, even using the false endorsement claims.
The fresh alert reminded the Brunei public about recent media reports on the UFUN scheme. Authorities in Thailand conducted raids and arrested UFUN executives over allegations of running a pyramid scheme and engaging in money laundering. Neighboring Malaysia's Bank Negara also placed UFUN on its alert list, confirming the scheme holds no authorization or approval to operate in the country.
The AMBD urged citizens to exercise caution. It strongly advises people to deal only with individuals or institutions licensed by AMBD when receiving financial services or buying financial products. Unlicensed entities often operate outside regulatory oversight, leaving investors vulnerable to substantial losses and no legal recourse.
In Thailand, police announced on Wednesday they were finalizing a 400-page criminal case report. They plan to hand it to public prosecutors by Friday, June 26th. Once prosecutors review the report and the case receives transnational status, arrest warrants and extradition requests for uFun Club executives are expected to go out.
Thai police warned that those connected to the uFun Club scheme face years in jail and thousands of dollars in fines. Such penalties reflect the severity of financial crimes, particularly those that cross international borders and impact numerous victims. The cross-border nature of these operations requires significant international cooperation among law enforcement agencies.
uFun Club has attempted to rebrand itself as Unascos. The new name is likely an effort to escape the shadow of the alleged $1.17 billion global Ponzi fraud. Advertising material circulated by uFun Club investors claims a new Unascos office will open in Melbourne, Australia, on August 1st. This rebranding strategy is common among fraudulent schemes trying to evade detection and continue their operations under a different guise.
Victims of such schemes often face substantial financial losses and a complex path to recovery. Authorities encourage anyone who has been approached by or invested in uFun Club or Unascos to report their experience to the AMBD or local law enforcement. Providing detailed information helps regulators track down perpetrators and protect other potential victims from falling prey to similar scams.
The Autoriti Monetari Brunei Darussalam maintains a public list of licensed financial institutions on its official website, which consumers can use to verify any entity offering financial services in Brunei.