The latest country to begin investigating uFun Club is Indonesia, with Indonesian police today meeting with their Thai counter-parts.
The meeting came about after it was widely publicized that uFun Club had purportedly invested in an Indonesian nickel mine.
The company had attempted to attract more Thai investors to transfer money for the scam project.
Following photos of the mine appearing on Facebook, uFun Club investors went on a marketing blitz, pushing “
pre-IPO shares
” on new unsuspecting victims.
Promises of Ponzi riches were made, despite the mine currently being little more than an open shed in a field housing an excavator and some rusty shipping containers:
uFun Club investors had also been advertising some retail operation celebrations in Chengdu, China. The event was supposed to take place over the weekend but whether or not anything actually happened is unclear.
In addition to meeting with Indonesian police today, Thai police also announced two more arrest warrants have been issued.
Theerat Pratheepnopas and Rattanarat Prasertsri helped operate uFun Club in Thailand, with the pair having gone into hiding following
raids by Thai police
back in April.
The two new arrest warrants bring the total issued in Thailand to forty-five.
In related news it was expected that Thai police would announce the filing of a criminal report with Public Prosecutors.
The report has been delayed a few times now, with police as late as Friday last week claiming the report would be filed today.
As of yet no news has surfaced pertaining to the status of the report. It is unknown whether today’s meeting with Indonesian police will see filing of the report delayed yet again.
Stay tuned…
🤖 Quick Answer
What is uFun Club and why is Indonesia investigating it?uFun Club is a fraudulent investment scheme that promised returns through purported nickel mining operations in Indonesia. Indonesian authorities launched an investigation after the company deceptively marketed fake pre-IPO shares to attract Thai and international investors, claiming substantial profits from mining assets that consisted merely of basic equipment in a field.
How did uFun Club deceive investors regarding the nickel mine?
The company circulated photographs of a minimal mining operation on Facebook, featuring only an excavator and shipping containers in an open shed. Despite this, uFun Club investors aggressively promoted pre-IPO shares and conducted marketing campaigns in multiple countries, including China, falsely promising Ponzi-style returns to unsuspecting victims.
What international cooperation occurred in the uFun Club investigation?
Indonesian police met with Thai counterparts to coordinate investigative efforts. This bilateral meeting
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