Whereas uFun Club was initially thought to have been a $307 million dollar Ponzi scheme, new estimates have raised that figure to a staggering $618 million.

And that figure is expected to rise as authorities continue to investigate the scam.

Following
the arrest of uFun Club accountant Namonphan Tharabundit
, Thai police obtained a search warrant on a property belonging to her sister.

The house is owned by Hansa Tharabundit, 36, who is Ms Namonphan’s sister. Ms Hansa was not at  home when the search was carried out, police said.

Police found a pickup truck and a sedan parked in front of the house, police said. They also discovered and confiscated documents they believe will be useful in their investigation of the case, a computer, a notebook and a safe.

Evidence showed Ms Hansa had transferred 6,300,000 baht to Ufun, Pol Lt Gen Suwira said.

That Namonphan Tharabundit’s sister was a uFun Club investor comes as no surprise, with it being common practice for Ponzi insiders to involve family members in the scams they run.

Police also obtained a tip-off that important papers had been removed from Ms Namonphan’s residence to Ms Hansa’s house, he added.

Ms Hansa is wanted on charges of violating the Criminal Code and the law by obtaining loans in a manner which amounted to public cheating and fraudulent activities.

An arrest warrant for Ms Hansa was issued by Thanyaburi provincial court dated April 15, 2015, police said.

With a warrant now out for her arrest, it’s expected police will apprehend Hansa Tharabundit any day now. Assuming she of course hasn’t fled the country.

Suwira said police were also trying to locate Namonpan’s younger sister Hunsa Thara-bundit.

“She’s not at home. But we believe she is still in Thailand,” National Police chief Suwira Songmetta said yesterday.

Her sister, Namonphan Tharabundit was apprehended attempting to flee Thailand for Laos.

Following her arrest, Tharabundit now claims she

tried to quit the business after noticing alleged irregularities in UFUN Thailand and claimed she told UFUN Thailand members in her team of her suspicions.

“UFUN Thailand management then got angry. My account at UFUN Thailand has been suspended. I can no longer conduct any transaction or withdraw any money,” she claimed.

Police have found that she acquired many assets recently, including a luxury house worth at least Bt24 million ($740,000 USD) in Bangkok’s Bang Khen district and a Toyota Alphard sedan worth about Bt4 million ($123,000 USD).

Why Tharabundit didn’t turn herself in and was instead apprehended attempting to flee Thailand then is not clear.

Now in custody and facing serious criminal charges, Tharabundit ‘
has now advised UFUN Thailand members to lodge complaints with police to try to get their money back from the firm.
‘

While that continues to play out, news also from the US, where General Athiwat Soonpan has surfaced following reports he fled Thailand the day police raided uFun Club’s offices.

A warrant was su

🤖 Quick Answer

What is the estimated financial scale of the uFun Club Ponzi scheme?
The uFun Club Ponzi scheme's estimated losses have increased to approximately $618 million, up from an initial assessment of $307 million. Authorities anticipate this figure will continue rising as investigations progress into the fraudulent operation and its financial mechanisms.

Who was arrested in connection with the uFun Club investigation?
Namonphan Tharabundit, the accountant for uFun Club, was arrested in connection with the Ponzi scheme. Her arrest prompted Thai police to obtain a search warrant for a property owned by her sister, Hansa Tharabundit, age 36.

What evidence was recovered during the property search?
Thai police discovered and confiscated a pickup truck, a sedan, documents, a computer, a notebook, and a safe from the residence. These items were

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