Malaysian Royalty Caught in $1.17 Billion Ponzi Scheme
The Prime Minister of Malaysia's son denied involvement in the uFun Club Ponzi scheme yesterday. Within hours, the denial fell apart.
Mohd Nazifuddin posted a statement Wednesday afternoon claiming his name had been exploited by UFun Store Co. Ltd after Thai authorities raided the company's Bangkok headquarters. He said he had no connection to the scheme and resigned from his post as Director and Chairman of Sagajuta Sdn. Bhd back in December 2012.
A photograph surfaced within an hour. It showed Nazifuddin sitting next to Athiwat Soonpan, uFun Club's International President, and Warren Eu, a founder of the scheme. He was smiling.
The timing of that photo was damaging. Last month, Sagajuta—a Malaysian construction firm—had signed a memorandum of understanding with uFun Club. An undisclosed amount of stolen Ponzi funds was set to flow into Sagajuta's Gateway Klang construction project. The firm had been working with uFun since the scheme's apparent inception in 2013.
Overnight, further details made Nazifuddin's denial look like a lie. Yes, he resigned from his chairman's post in 2012. But he never left the company. He remained a major shareholder. More than that—he was the controlling shareholder.
Through his company Generasi Cipta Sdn Bhd, Nazifuddin holds roughly 6.27 million shares in Sagajuta. All other shareholders combined control just 3.7 million shares. The math was simple. He runs the company.
The Sarawak Report noted the obvious gap in his denial. Nazifuddin made no mention of his substantial stake in Sagajuta, the firm currently funneling Ponzi money into Malaysian construction projects. Nobody else at the company seemed to be dining with uFun Club executives. The photographs suggested Nazifuddin was the one making the calls.
The scheme itself had siphoned $1.17 billion from investors before authorities shut it down. Sagajuta's involvement didn't stop the bleeding—it helped direct the flow. A construction project in Gateway Klang became a conduit for laundering stolen money.
Nazifuddin issued no further comment as of publication.
What made this story worse was the potential reach of the scheme's connections. Evidence was beginning to suggest ties extended beyond the Prime Minister's son. Members of Malaysian royalty appeared linked to uFun Club as well, though details remained sparse. If true, it would mean the fraud had infected the highest levels of Malaysian society.
The photographs told the real story. Nazifuddin wasn't a bystander whose name had been borrowed. He was sitting at the table with the men running the scheme. His company was processing their money. His denial had lasted one hour.
🤖 Quick Answer
Was Malaysian royalty directly involved in the uFun Club Ponzi scheme?
Mohd Nazifuddin, son of Malaysia's Prime Minister, initially denied involvement in the uFun Club scheme, claiming his name was exploited. However, a photograph emerged showing him alongside uFun Club's International President and a scheme founder, contradicting his statement and suggesting direct association with the $1.17 billion fraudulent operation.
What action did Thai authorities take against uFun Club?
Thai authorities raided uFun Club's Bangkok headquarters, prompting Nazifuddin's initial denial of involvement. The operation targeted UFun Store Co. Ltd, which operated the international Ponzi scheme that defrauded numerous investors across multiple countries.
When did Nazifuddin claim to have severed ties with related entities?
Nazifuddin stated he resigned from his position as Director and Chairman
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