UFUN latest

China have arrested ten people in connection with the Ponzi scheme UFUN and have confiscated office equipment, laptops etc as well as seizing a substantial amount of funds. Thailand have also acted against UFUN and also made arrests and confiscated funds.
And Malaysia? Nothing. Despite UFUN being on  the Financial Consumer Alert List at the  Securities Commission of Malaysia, NO action is being taken.
Could this be because the Prime Ministers son Nazifuddin Najib is heavily involved through his association with development company SAGAJUTA?

UFUN is NOT licensed to carry out transactions in Malaysia. So why aren't arrests being made there also?

And so much for the lie that AIR ASIA accept UFUN TOKENS, they don't!

14th May 2015

Prime Minister Najib Abdul Razak's son Mohd Nazifuddin has denied any involvement with Ponzi scheme Ufun Group Bhd Ltd.
The prime minister's second son said the company used his name to deceive buyers in order to encourage them to enrol in its scheme.

"I have no involvement with the group and have already warned the police, Bank Negara Malaysia and the Thai embassy of this incident when I first discovered it a couple of years back," he said in a statement.

Nazifuddin added that he resigned from the post of director and chairperson of Sagajuta (Sabah) Sdn Bhd on May 31, 2012. Sagajuta had been connected to Ufun.

The Bangkok Post reported previously that Thai police estimated that Ufun, through its multi-level marketing scheme and Utoken crypto-currency, cheated some 120,000 people of a sum of up to RM4.1 billion.

Ufun members sell Utoken, a digital currency, which ostensibly could be used to pay for goods and services.

Meanwhile, Nazifuddin also denied knowing the three suspects from Malaysia with arrest warrants issued under their names; Tay Kim Leng, Lee Kuan Ming and Wong Ching Hua.

"I have never met nor spoke to these individuals before. Several arrests have already been made and the crackdown on the alleged scheme is currently ongoing.

"Both Thai and Malaysian police will cooperate in their investigations to detain the perpetrators and those involved in this scheme," he said.

Smear campaign

Nazifuddin also responded to a segment aired by Thai television stationNOW 26, currently being circulated locally via WhatsApp, which questioned whether Ufun is connected to him or otherwise.

"There is no concrete evidence in the video that suggests my involvement with Ufun (Group Bhd Ltd) and their schemes," he said.

http://m.malaysiakini.com/news/298367