The Royal Thai Police (RTP) intends to seek arrest warrants from a criminal court for all individuals associated with The iCon Group case, including its proprietor, following allegations from 161 victims who reportedly lost around 62 million baht to the suspected pyramid scheme.
Pol Col Uthane Nuipin, deputy RTP spokesman, provided an update on the status of the investigation, noting the number of victims and the amount of alleged financial damage.
On Friday morning, the Consumer Protection Police Division (CPPD) and the Office of the Consumer Protection Board (OCPB) conducted a search of the company’s offices to collect evidence. During the search, they examined 15 products that the company advertises.
These products are now set to be analyzed by various agencies for verification.
The investigation revealed that the company’s annual income soared to as much as 5 billion baht, despite offering only 15 products. Officials are now probing whether the reported sales figures correspond with the actual revenue and whether the products were distributed to consumers.
Additionally, over 120 bank accounts tied to the company have been submitted to the Anti-Money Laundering Office (Amlo) for detailed examination.
Pol Col Uthane relayed that the national police chief, Pol Gen Kitrat Phanphet, has instructed that the investigation be accelerated to gather adequate evidence for prosecuting the company’s executives and other involved parties on offenses such as violations of the Emergency Decree on Fraudulent Borrowing, fraud, and money laundering.
The probe is slated for completion within the next 48 hours. A significant portion of the seized assets includes immovable property, which should facilitate restitution to the victims.
While both direct sales and direct marketing are permissible, including online transactions, issues arise when the emphasis is on promotional activities and fundraising rather than on the quality of products, potentially qualifying as a pyramid scheme.
Lawyer Sittra Biabungkerd and Tankhun Jitt-itsara lodged a complaint with CPPD officials on Friday against six principal members of The iCon Group for engaging in public fraud, securing loans through deceit, falsifying computer system data, and laundering money.
Mr. Sittra reported collecting evidence from victims suggesting the firm enticed individuals to invest in online courses that resembled a pyramid scheme.
The complaint specifically names Woratphon Waratvorakul, 41, CEO also known as “Boss Paul”, along with five other prominent figures such as Yuranunt “Sam” Pamornmontri, Kan Kantathavorn, and Pechaya “Min” Wattanamontree.
According to Mr. Sittra, four victims recounted how wealthy individuals were invited to dine with the CEO. Three of these individuals invested 250,000 baht each in the enterprise.
A year later, they had yet to receive any products. The lawyer has urged the police to trace the financial activities of these six individuals and reported that some victims were driven to contemplate suicide.