UFUN Scam Raided!

Update: The victims of the UFUN scam still do not understand what they are involved in.  Here is video of them demonstrating in support of UFUN. Their money has been taken by scammers and they still support it.  This is tragic to watch.

Police have arrested four executives from UFUN, which operated a pyramid scheme that involved over 110,00 people worldwide and $618 million in possible damages. – Source Thaivisa.com

UFUN – alternatively called Team UFUN International or UFUN Group – was created in 2014 with the goal of being the world’s largest e-commerce platform.

The primary function of UFUN in the market is to introduce buyers & sellers into the UBARTER and UFUNSTORE markets by using UTOKEN as the digital currency to exchange products and services. With each transaction, UFUN charges a 10% administration fee.

Joining the program means choosing your level of “investment” from a 1 Star to a 5 Star membership:

• 1 Star Level: $500 (7% referral bonus)
• 2 Stars Level: $1,000 (8%)
• 3 Stars Level: $5,000 (9%)
• 4 Stars Level: $10,000 (10%)
• 5 Stars Level: $50,000 (12%)

Here are some of the claims that were used to convince people to join this scam:

1. UFUN , the company behind Utoken is a very large corporation with international representation.
2. UFUN  is involved in Property Development in Malaysia and Thailand.
3. UFUN is backed by banks, though admittedly I don’t particularly like the fact that these banks are based in tax havens.
4. UFUN has a reserve system in place just like the banks which hold your money.
5. UFUN  has commercial interests such as ubtmall.com and the soon to be launched ufunstore.com
6. UFUN own’s it’s headquarters in Bangkok. The beautiful UFUN Tower which I intend to visit soon.
7. UFUN  and the people behind the company run some very high profile and very public activities often attended to by thousands of UFUN members. At the UFUN  Utoken convention in October 2014, 10,000 people from all walks of life (from street vendors to hospital owners) and from all over the world attended.
8. Her Royal Majesty The Queen of Thailand dignitaries attended the convention in October.
9. UFUN  – Utoken also sponsors one of the Charities under the patronage of the Royal Family.
10. On the 16h May 2014, UFUN was raided and investigated by Thailand’s DSI (Department of Special Investigation) and was cleared from running any form of illegal activity. In other words, the investigation found the company to be completely legitimate and not running a Scam or a Ponzi Scheme. – Source Whatisutoken.com

UFUN Scam Reality

Click Here to view the UFUN compensation plan.

UFUN representatives did not mention their products in their sales pitches. Instead, they urged people to expand their teams by offering high-value items such as cars or gold bars. That way, the money made mainly came from new members rather than selling products. In other words, UFUN is a pyramid scheme. – SourceBangkokpost.com

Here is raw video of the UFUN scam raids.

Source