Two more arrested as FBI joins UFUN probe

[webfact]

1,070 VICTIMS SO FAR
Two more arrested as FBI joins UFUN probe
KORNKAMON AKSORNDECH
THE NATION



Gay rights activist captured in northeast, another suspect nabbed in Nong Khai

BANGKOK: -- BESIDES cooperation from Malaysian, Chinese and Australian crime busters in the case of UFUN's alleged pyramid scheme, Thai police will also get some help from the United States Federal Bureau of Investigations (FBI), as American nationals were found to be among the damaged parties, the assistant national police chief said yesterday.

Pol Lt-General Suwira Songmetta said 1,070 people have now filed police complaints claiming to have suffered losses of Bt222.8 million.

Meanwhile, two more suspects in the case have been arrested. Natee Teerarojpong, 58, a gay rights activist, was apprehended in the Northeast, and Thana Wongkham, 23, was arrested at the Nong Khai border checkpoint as he was about to cross the border into Laos.

Natee was suspected of being a leading member of UFUN; he reportedly gave speeches and was widely respected among other members. He was also a leading participant at a rally outside CentralWorld and the Royal Thai Police headquarters calling for justice for UFUN members, Suwira said.

Thana was accused of being a UFUN member and an event speaker. A Department of Special Investi-gation (DSI) probe found that he had carried out several transactions related to UFUN.

Suwira said the FBI discovered that UFUN members had wired US$2.2 million from Indonesia to San Francisco and New York on more than five occasions. It was reported that the bank was asked to record the transfers as salaries and payment for goods purchased and not to say it was from UFUN, but the bank implicated UFUN regardless, Suwira said.

Another suspicious transaction of $31,550 (Bt1.06 million) was made from California to Guinea, he added.

"I'm confident that, with cooperation from the FBI, we could soon elevate this case as a trans-national crime and fugitives fleeing to any country especially the US would be easily captured," Suwira added.

The chief investigator was speaking yesterday at a press conference along with Fauzi Khan Ismail, a counsellor at the Malaysian Embassy in Bangkok. The conference also revealed information about UFUN suspect Arthit Pankaew, who is on the run.

Suwira said police found that Arthit was actually a Malaysian national called Oi Su Huad. He had entered Thailand and applied for a work permit for a job at a water filter factory in Songkhla province in 2007. He met the factory's adviser, Lt-General Athiwat Soonpan, with whom he jointly set up UFUN Store Co until Daniel Tay bought the company's shares and became UFUN's executive chairman.

Arthit applied for a Thai nationality card in Sa Kaew province by falsely claiming he was born in Thailand, Suwira said. Investigation found that Arthit had transferred Bt1.8 billion to others while also allegedly withdrawing and smuggling another Bt2 billion over the border to Malaysia.

"Recently Thai police representatives met with the Malaysian police chief to discuss operations in this case and the Malaysians initially suggested they would support the Thai investigation because no complaints had been filed in Malaysia so the case could not be opened there," he said.

Suwira also said that on-the-run UFUN executive Neo Ong had travelled to Thailand 26 times and another suspect, Lee Kuan Ming, had entered Thailand 14 times from October, 2013, to February, 2015, to attend UFUN events, including the signing of a memorandum of agreement with three banks.

Source: http://www.nationmultimedia.com/national/Two-more-arrested-as-FBI-joins-UFUN-probe-30261544.html

-- The Nation 2015-06-04

[Somtamnication]

Oops. This house of cards is falling apart faster than Thaksin's passports!

[keskeseksa]

I would not be surprised if they scratched a little deeper and found that UFUN was also used to launder corruption money from the former government, not unlike the Wat Dhammakaya scandal.

[NCC1701A]

they left a few words out of this story.

"I'm confident that, with cooperation from the FBI, we could soon elevate this case as a trans-national crime and fugitives fleeing to any real country especially the US would be easily captured, which I find amazing and outside my experience." Suwira added.

[geriatrickid]

I would not be surprised if they scratched a little deeper and found that UFUN was also used to launder corruption money from the former government, not unlike the Wat Dhammakaya scandal.

Highly unlikely. Too big and too obvious for what you suggest.

[Transporter]

MY brother in law has been investing and promoting UFUN in Udon Thani. Sadly he will not admit yet that hes has been scammed. At the point he had invested 17000 THB (The minimum required to join) I told him it was a scam and his friend who had introduce him to it. Neither of them would listen to me. He went on to borrow against land to the tune of 1.7 Mill, Now he cannot face the truth and says he will still make money as he can see his growing investment on the UFUN website. My wife and I are trying to convince him to put in a claim for his losses but he refuses to see the reality. He says the members will all be released and he can still continue to make money from it.

My concern is what he will do when it finally sinks in.

Even his friend who introduced him to it has tried talking to him but with no correct response.

I only learned a few days ago that it wasnt just one piece of land that he borrowed against but also another piece and the house that he lives in with my sister in law and their daughter.

The loan he took out is due to be paid off in a month and obviously he wont be able to pay it now.

Any suggestions for him? Sympathetic ones would be most welcome but I expect most of them wont be.

[Bluespunk]

Is that petition from some UFUN "clients", claiming nothing criminal is going on, still active?

[WitawatWatawit]

@Transporter - It is common in these situations for people to refuse to face reality. I know from experience that this denial will likely continue even after the inevitable happens - he still won't admit he was wrong. You only need to google Nigerian scam letters to see the patterns. Nothing you can do, unless you personally have a lot of money to donate to their cause. Sorry.

[NickJ]

Sad, Transporter....I have a friend who has been under the influence of an American con man based out of Bangkok. He has lost about a million dollars. Yet still he gets excited about how the "company" is going public....its close its close....The funny and sad thing is this con man, not a boiler room . has been at this for almost two decades.

I dont know what you can do until it all gets closed down ...no more web sites and people in jail.

[Srikcir]

"It was reported that the [American] bank was asked to record the transfers as salaries and payment for goods purchased and not to say it was from UFUN, but the bank implicated UFUN regardless"

Can anyone imagine Thai banks being as diligent?

[Bignose]

You will see the usual cynical and insensitive posts on this thread, we have seen them several times on similar issues.

What most people refuse to believe is that (most of) these scammers and con men are very clever and have spent a lot of time refining their skills and products. They can be sophisticated operations with a sound knowledge of what psychological "buttons to push" and of how to maximize their influence once they have people hooked. Operations like UFUN have in the past, and will continue in the future, to entrap many, many sensible and reasonably well educated people.

I could not believe the number of friends in the past who enthusiastically invested in Time Share apartments in Spain in the 70's and 80's, they saw it totally differently to me (as is their right) and went in lock stock and barrel, I think it is fair to say that the vast majority have literally walked away from their original investment to cut their losses. Even after years of these well advertised experiences we still have this kind of investment being offered to this day, it may now be known as something else but the end results are still the same.

In short Transporter there is not much you or anyone else can do for you're family member, his money is most probably well gone and beyond recovery. Your only option may well be "to be there" when the inevitable realization kicks in that he has probably compromised his families future security. His reaction to reality may well be extreme so he may need monitoring while being supported, there will probably be many sad endings to come from this sad and sorry tale of greed and crime...

[Acharn]

Interesting. And what is Lt-General Athiwat Soonpan's current status? Has he been "invited" to visit NPOC at the Army Sports Club and explain himself? Actually, the numbers look pretty trivial except for the number of people who claim to have been victimized. The organizers of this scheme weren't very ambitious, or maybe they were just getting started. Some of the victims, like Transporter's brother-in-law, are going to be devastated, but ฿222 million from 1,070 people means a lot of people aren't out that much.

Edited June 4, 2015 by Acharn

[Benmart]

MY brother in law has been investing and promoting UFUN in Udon Thani. Sadly he will not admit yet that hes has been scammed. At the point he had invested 17000 THB (The minimum required to join) I told him it was a scam and his friend who had introduce him to it. Neither of them would listen to me. He went on to borrow against land to the tune of 1.7 Mill, Now he cannot face the truth and says he will still make money as he can see his growing investment on the UFUN website. My wife and I are trying to convince him to put in a claim for his losses but he refuses to see the reality. He says the members will all be released and he can still continue to make money from it.

My concern is what he will do when it finally sinks in.

Even his friend who introduced him to it has tried talking to him but with no correct response.

I only learned a few days ago that it wasnt just one piece of land that he borrowed against but also another piece and the house that he lives in with my sister in law and their daughter.

The loan he took out is due to be paid off in a month and obviously he wont be able to pay it now.

Any suggestions for him? Sympathetic ones would be most welcome but I expect most of them wont be.

Very unfortunate indeed. It is not uncommon for victims of such schemes to go into denial mode when confronted that they have been duped. You have shown support to your Brother-in-law so far. He may well need additional support and understanding once reality becomes apparent to him.

Good luck my friend.

[Strangebrew]

I guess they thought US banks were like Thai banks don't care where money comes from or goes to. No Thainess in US baby.