Hello everyone, there was a big misunderstanding and confusion about this situation.
The police raided something called "UFun Store Co Ltd" at the office located on Ramintra 61 Road in BKK. Note that this is NOT a UFUN GROUP address.
They seem to have hijacked the UFUN name for an operation not owned by UFUN Group. Confusing matters at this point.
Apparently 8 were arrested or are wanted. NONE of those are names that any of us are aware of as UFUN Group leaders. Why? Because they are not, and ran a separate operation.
This operation was in the business of selling cosmetics, food supplements and other products to members in a complicated business model that focuses on bringing in new members rather than selling the products, the police said. Note that this has NOTHING IN COMMON with the UFUN or Utoken business model.
It APPEARS, but is not clear, from the reporting that they were using Utokens as a form of payment - among others? This seems to be the case as the police said that members had to buy UToken packages and gave their costs accurately.
Note that the use of Utoken has NOTHING to do with whether or not they were running a scam or Ponzi.
UFun Club, what is it all about? Legit investment?
May 10 2015, 02:39 PM
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