The attention uFun Club has been getting in Thailand, China, Malaysia and Vanuatu hasn’t gone unnoticed, with Singaporean media the latest to start asking questions about the scheme.

An investigation by The Straits Times revealed that

in Singapore, Ufun has an office at CT Hub in Kallang. It was open last week when The Straits Times went there.

Upon approaching the office and attempting to make contact with two individuals inside however,

the two people present declined to be interviewed and asked the reporter to leave the premises.

Nothing suss.

Further investigation by The Straits Times identified a Mr. Addy Tan ‘
as a contact person on one of Ufun’s Singapore websites
‘.

The Straits Times
managed to track Tan down
, with Tan providing the paper what you’d expect from a first-time Ponzi investor:

The organisation has nothing to hide.

“It is not a scam. I myself have invested around $100,000 in seven accounts, and some of the accounts’ value has grown by one-fold.

I do not plan to withdraw my money
, nor do I consider myself a scam victim.”

What Tan is referring to is the fictional value increases uFun Club assign uTokens. Should Tan actually try to withdraw the monopoly money ROI he thinks he’s got waiting for him, he’ll find there isn’t enough money to pay everybody out.

Whether or not Tan is aware uFun executive Daniel Tay also recently
confessed the value of uTokens were all but worthless
, is unclear.

(Tan) added that he initially had some doubts when he first started investing in September last year, but the worries vanished after an organised trip to Bangkok to visit a property project that Ufun is said to be investing in.

That trip is of course the Bangkok Marina & Spa project. The developer Bina Puri has since
denounced uFun Club
, with police
seizing funds
the Ponzi scheme attempted to launder through the construction project.

Again, whether Tan is aware of these developments is unclear.

Asked whether he is concerned about the negative news over Ufun overseas, Mr Tan shrugged off the reports by Thai and Malaysian media as inaccurate.

I was going to give Tan the benefit of the doubt, but with that sweeping statement he reveals himself to be just another clueless victim of fraud. The ideal “no questions asked” candidate billion dollar Ponzi schemes like uFun Club prey upon.

At present Tan claims that

Ufun has over 10,000 members in Singapore and I myself have 20 to 30 friends and relatives who are also investing.

If the thing is a scam, people will rush for the exit. But no one has done that so far… I urge the media to not be biased in reports on Ufun. I also don’t want my investments to be sabotaged.

Good luck with that Mr. Tan. Your money is already gone and you’ve screwed your friends and relatives over for a quick buck.

To be a fly on the wall when that house of cards comes crashing down…

In an attempt to verify whether or not Singaporean authorities are investigating uFun Club, The Straits Times approache

🤖 Quick Answer

Is Singapore investigating uFun Club?
Singapore's authorities have begun scrutinizing uFun Club following media investigations. The Straits Times documented an office located at CT Hub in Kallang, where staff declined interviews. Regulatory attention increased after the scheme gained prominence across Thailand, China, Malaysia, and Vanuatu, prompting Singaporean media inquiries into its operations.

Who is Addy Tan in relation to uFun Club?
Addy Tan serves as a contact person identified on uFun's Singapore websites. The Straits Times successfully located Tan during their investigation into the organization's operations and presence within Singapore, establishing him as a key representative for the scheme's local activities.

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