Thai authorities have arrested 44 individuals in connection with the uFun Club, a massive alleged Ponzi scheme. The latest apprehension, Phakphoom Suk-kon, occurred in Pattaya yesterday. He is accused of colluding to defraud people and participating in transnational crimes.
Suk-kon was apprehended after reportedly attempting to persuade locals that uFun Club operated legally, attributing negative reports to misunderstandings of its marketing approach. Thai police concluded their investigation earlier this year, labeling uFun Club an illegal operation with an estimated $1.17 billion in fraudulent activity.
Evidence presented by police indicates Suk-kon transferred 11 million baht to a uFun Club member’s account. He also appeared on television advocating for the company’s legitimacy. Suk-kon stated he joined the network in 2014, investing 200,000 baht borrowed from friends and family. He claims ignorance of the scheme's fraudulent nature and apologized for any unwitting harm caused. He told police that uFun executives had instructed him to appear on television to assert the company’s legality.
Investigations into uFun Club have spanned more than ten countries. The organization recently rebranded itself as Unascos. Those formerly behind uFun Club are allegedly continuing their operations from Malaysia under the new name.
Malaysian authorities have not yet officially confirmed any investigation into uFun Club or Unascos. Meanwhile, individuals associated with the scheme have been observed posing for photographs with Malaysian politicians. Thai police are still seeking 133 other indicted suspects in the ongoing case.