UFUN Scammers Sentenced To Over 12,000 Years In Jail
UFUN – alternatively called Team UFUN International or UFUN Group – was created in 2014 with the claimed goal of being the world’s largest e-commerce platform.
The primary function of UFUN in the market was 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 charged a 10% administration fee.
The reality was it was a massive scam.
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 was a pyramid scheme. Now they are paying the price.
A Thailand Criminal Court has handed down prison terms totaling 12,265 to 12,267 years to 22 people convicted over the online pyramid scheme operated by Ufun Store, which conned about 120,000 people out of more than 20 billion baht ($578,034,800).
However, their actual imprisonment under the law will be a maximum 20 and 50 years each. – Source bangkokpost.com
Here is raw video of the UFUN scam raids: