Total Complaints Surge Toward 3,000 as Investigators Gather Evidence in Pyramid Scheme Inquiry
PUBLISHED: 19 Oct 2024 at 14:17
A collective of 40 Thai nationals and foreign residents has come forward, accusing The iCon Group of failing to deliver products for which they paid, resulting in losses exceeding 20 million baht. This comes as the total number of grievances directed at the online business promoter approaches 3,000.
A representative for the victims filed a formal complaint on Saturday at the Central Investigation Bureau (CIB) in Bangkok, bringing with him documented evidence of transactions, images of storefronts that had ordered products, and photographs featuring the firm’s founder.
The representative stated that the victims, who reside in various countries including China, Hong Kong, Italy, and Canada, did not intend to become dealers in the company’s network; rather, they aimed to purchase products for their own retail. However, despite transferring funds, they received no merchandise.
Many of these complainants were housewives who were drawn in by The iCon Group’s advertisements featuring recognizable figures, further fueling their trust in the enterprise.
Among the victims is a Thai woman in Hong Kong who reported transferring over one million baht to acquire cocoa powder, coffee, and collagen products, but only received a fraction of what she ordered. When she attempted to reach the agent who initially encouraged her investment, she was denied assistance.
Additional concerns have arisen for foreign victims regarding language barriers and travel costs, hampering their ability to pursue justice on their own. Some have even indicated they may designate relatives in Thailand to represent them during the investigation.
The complaint tally against The iCon Group continues to escalate. From October 10 to the present, police reports indicate that 2,910 individuals have alleged the firm engaged in pyramid scheme activities, resulting in combined losses of 911 million baht.
On Saturday alone, 85 individuals lodged complaints over losses totaling 29 million baht. The founder and 17 other individuals connected with the company have been arrested on charges of fraud and falsifying information. All suspects have denied the allegations, with most opting not to seek bail. Those who attempted to secure bail were denied. All 18 suspects remain in custody.
