Mohd Nazifuddin, son of Malaysia's Prime Minister, claimed yesterday that his name was exploited by UFun Store Co. Ltd. Thai authorities had raided the company's Bangkok headquarters, and Nazifuddin issued a statement denying any connection to the uFun Club Ponzi scheme. He said he resigned as Director and Chairman of Sagajuta Sdn. Bhd. in December 2012.
His denial collapsed within an hour. A photograph surfaced showing Nazifuddin seated with Athiwat Soonpan, uFun Club's International President, and Warren Eu, a founder of the scheme. Nazifuddin was smiling in the picture. This image surfaced just weeks after Sagajuta, a Malaysian construction firm, signed a memorandum of understanding with uFun Club. The agreement involved channeling an undisclosed amount of stolen Ponzi funds into Sagajuta's Gateway Klang construction project. The firm had worked with uFun since the scheme's 2013 inception.
Further details emerged overnight that directly contradicted Nazifuddin's statement. While he did resign as chairman in 2012, he remained a significant shareholder. More critically, he was the controlling shareholder. Through his company Generasi Cipta Sdn Bhd, Nazifuddin held approximately 6.27 million shares in Sagajuta. All other shareholders combined controlled only 3.7 million shares. This made him the de facto head of the company.
The Sarawak Report pointed out the glaring omission in Nazifuddin's denial. He failed to mention his substantial stake in Sagajuta, the company actively directing Ponzi money into Malaysian construction projects. Other company officials were not seen in photographs with uFun Club executives. The images suggested Nazifuddin was the primary liaison.
The uFun Club scheme had defrauded investors of $1.17 billion before authorities intervened. Sagajuta's involvement meant the scheme's stolen funds were not just being hidden but actively laundered through legitimate construction ventures. The Gateway Klang project served as a direct conduit for this illicit activity. Nazifuddin has not issued further comments.
The potential implications of the scheme's reach extended beyond Nazifuddin. Evidence began to surface suggesting links to members of Malaysian royalty, though specific details remained scarce. If confirmed, this would indicate the fraud had penetrated the highest echelons of Malaysian society. The photographs offered a stark counter-narrative to Nazifuddin's claims. He was not an unwitting party whose name was misused. He was photographed at the center of the operation, with his company processing illicit funds. His denial of involvement lasted only one hour.