The Anti-Money Laundering Office (Amlo) is currently investigating a significant flow of funds involving approximately 241 million USDT, a form of cryptocurrency. This amount, equivalent to over 8 billion baht, is believed to be linked to fraud associated with The iCon Group.
Prasert Jantararuangtong, the Minister of Digital Economy and Society, has directed Amlo to thoroughly investigate the cryptocurrency transfers.
“An initial inspection has found that hundreds of thousands of people were involved. The investigation will take some time,” said Mr. Prasert, who oversees the Office of the Consumer Protection Board (OCPB).
A committee has been established to delve into the scandal surrounding the iCon Group, with expectations to update on their findings by next week.
According to Mr. Prasert, the committee has a 30-day deadline to complete its report and is collaborating closely with the Central Investigation Bureau.
Ekkapop Luangprasert, an adviser to the interior minister, has urged the Consumer Protection Police Division to investigate a cryptocurrency transaction made just before the arrest of Warathaphon “Boss Paul” Waratyaworrakul, CEO and founder of The iCon Group.
Mr. Ekkapop has indicated that a large sum, more than 8 billion baht, was used to purchase Ethereum, another type of cryptocurrency, just an hour before the arrest.
He is advocating for an inquiry to determine if there is a connection to the founder of the iCon Group.
Additionally, a group of 40, comprising both Thais and foreigners residing overseas, have lodged complaints against The iCon Group for failing to fulfill product deliveries, resulting in a total loss of 20 million baht.
The number of complaints filed against the online marketing company is approaching 3,000.
Itthidet Thanetwattana, representing the aggrieved parties from both Thailand and abroad, presented a complaint at the Central Investigation Bureau in Bangkok.
He submitted evidence including receipts, photos from the shops involved, and images of victims with Mr. Warathaphon.
Mr. Itthidet explained that the 40 victims, split between Asia and Europe, suffered significant financial losses.
They reside in various countries including China, Hong Kong, Macau, Italy, Germany, Canada, Estonia, and Luxembourg, with most not intending to join the company’s network but simply to purchase products for resale.
Many of the victims, primarily housewives, were drawn to the iCon’s products through advertisements on Facebook, which featured influential ‘bosses’ who appeared trustworthy, according to Mr. Itthidet.
One woman from Hong Kong, for instance, spent over one million baht on cocoa powder, coffee, and collagen products from iCon but only received part of her order. When she sought assistance from an agent, her concerns were dismissed.
Mr. Itthidet highlighted that foreign victims are particularly concerned about communication barriers and the logistical costs of pursuing their complaints, potentially leading them to appoint local representatives in Thailand to act on their behalf.
The complaints against The iCon Group continue to rise, with a total of 2,910 individuals having reported the company as of last Saturday.
The police are investigating allegations that the firm ran a pyramid scheme, which is said to have resulted in losses totaling 911 million baht.
Mr. Warathaphon, aged 41, along with 17 other suspects, some of whom are celebrities, were arrested last Wednesday on charges of public fraud and falsifying information in a computer system, to which they all pleaded not guilty.
Most of those arrested did not apply for bail, but the three who did were denied. All 18 individuals are currently held in custody.