A raid on a UDBP Bank branch in Thailand has uncovered that the Vanuatuan institution, who were not registered to operate as a bank in Thailand, was being used by uFun Club to accept deposits directly from Chinese investors.

So far it has been uncovered that around 8000 Chinese uFun Club investors had deposited around $8.7 million USD with the bank. uFUn Club then used UDBP Bank accounts to launder the funds off to Malaysia and Vanuatu.

In response to the development, China has now officially joined the international uFun Club investigation.

In Thailand alone it was revealed yesterday that there are some two hundred police officers investigating uFun Club, a Ponzi scheme Thai police allege may have stolen as much as $1.17 billion USD from victims around the world.

Following a raid of the Huai Kwang branch of UDBP, police arrested a Malaysian and Chinese manager of the bank along with three other Chinese employees last Friday.

Scores of evidence were also seized, with Thai police yesterday holding a joint-meeting with Chinese authorities to discuss the case.

Chinese police have joined forces with their Thai counterparts to investigate UFUN’s alleged pyramid scheme and a transnational crime suppression centre will be set up soon.

Following a three-hour meeting at the Consumer Protection Police Division yesterday, Pol Lt-General Suwira Songmeta said the 200 police investigators would be joined by Chinese Embassy officials to speed up the evidence gathering and formulation of case reports.

China authorities began investigating uFun Club late last year, with
over ten arrests made and millions of dollars seized
earlier this year.

One of those arrested, Aaron Lee (full name Lee Guang Chen Aaron), is believed to be “Bright Lee”, the CEO of uFun Club. However specifics pertaining to the arrest of Lee and his role within uFun Club remain sketchy.

He said the investigation was progressing and 921 people have now filed complaints with police. Arrest warrants had been issued for 18 suspects.

He said the case report should be concluded in two weeks and submitted to the Attorney-General’s for consideration as a transnational case.

Of note is that UDBP’s role in the scam is being treated separately from that of uFun Club’s Ponzi fraud, indicating that at some point charges are likely to be filed directly against the bank.

When news of the
UDBP raid first surfaced
, it was announced that Thailand hoped to also secure the cooperation of Vanuatuan and Malaysian authorities.

So far nothing has surfaced indicating a willingness to investigate uFun Club from either country.

The silence from Malaysian regulators and police is particularly deafening, as the scandal surrounding association between the scam and Malaysian politicians and members of the royal family grows.

To date Malaysian officials have not publicly confirmed they are actively investigating uFun Club. Nor have they formally committed to joining the Thai investigation.

Thai police
firs

🤖 Quick Answer

What role did UDBP Bank play in the uFun Club scheme?
UDBP Bank, an unregistered Vanuatuan institution operating in Thailand, served as a financial intermediary for uFun Club. It accepted deposits from approximately 8,000 Chinese investors totaling $8.7 million USD, then facilitated money laundering by transferring funds to accounts in Malaysia and Vanuatu.

How many officers are investigating uFun Club in Thailand?
Thailand deployed approximately 200 police officers to investigate uFun Club. The coordinated operation aims to address allegations that the Ponzi scheme fraudulently obtained up to $1.17 billion USD from victims globally.

Why did China officially join the uFun Club investigation?
China joined the international investigation after discovering that thousands of Chinese citizens were victimized by uFun Club. Over 8,000

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