Mohd Nazifuddin Najib, second son of PM Najib, implicated in a USD 1.7 uFun Club unlicensed financial services scam in Thailand.
The Ponzi scam involves a pyramid get-rich-quick scheme, which have 645 participating investors screaming for Nazifuddin's blood and Thai police rounding up local members of the scam.
The financial racket go as far back as mid-2013, when uFun Club was just starting.
The scheme was initially sold as a real-estate investment opportunity, through the company Sagajuta (Sabah) Sdn Bhd.
A uFun Club marketing spiel from May 2014 reads:
UFUN Group Ltd is a company which triggered the idea of some Taikunproperty States Saga Million Shd.Bhd.
UFUN Group Ltd is a company which triggered the idea of some Taikunproperty States Saga Million Shd.Bhd.
Together Dato ‘Dr Warren (Money Master) has been working with the company owners Sagajuta Sdn. Bhd Managing Director Datuk Raymond Tan Boon Siew and Executive Chairman Nazifudin bin Dato ‘Seri Najib bin Tun Razak in which they have a multi millionare One Borneo Sabah building, One Embroidery, One GateWay, Tuaran huge project and projek2 ago and has been completed.
UFUN Group Ltd in its early stages is as real estate agent only where he has worked at the company Saga Juta Sdn. Bhd act with promoting and selling property owned Sagajuta Sdn Bhd.
Sabah Borneo One such project, Knit One, One Likas, GateWay Tuaran to outside investors from China, Taiwan and Hong Kong, and received good response.
Another spiel from August 2015 states:
COMPANY BACKGROUND
UFUN Group Ltd is a company that triggered his idea by Property tycoon ie a total of 6 people and founded by Dato ‘Dr Warren (Money Master).
UFUN Group Ltd is a company that triggered his idea by Property tycoon ie a total of 6 people and founded by Dato ‘Dr Warren (Money Master).
They are multi millionare and has collaborated with the company owner Sagajuta Sdn. Bhd namely Dato ‘Raymond Tan Boon Siew and Cairman Dato’ Nazifuddin bin Dato ‘Seri Najib bin Tun Razak who built One Borneo Sabah, One Embroidery, One getway Tuaran and large projects.
Prior to uToken, uFun Club and Sagajuta (Sabah) Sdn Bhd had their investors invest in “e-shares”:
UFUN CLUB cooperate with companies Sagajuta Sdn Bhd to create a business that uses e-share system recently launched on May 27, 2013.
The owner of the company Dato Raymond Chan Boon Siew and Chairman Nazifudin Bin Dato Seri Najib Tun Razak.
“E-shares” obviously sounded too Ponzi’esque, hence the uToken facade was brought into the picture.
Mohd Nazifuddin is credited as the Executive Chairman of Sagajuta (Sabah) Sdn Bhd.
Sagajuta (Sabah) Sdn Bhd are a property developer, with several projects currently in the works
