Prosecution Recommended for 19 Suspects in Major Public Fraud Case
Published: December 23, 2024
The Department of Special Investigation (DSI) has submitted a comprehensive 340,000-page report concerning The iCon Group to public prosecutors, implicating 18 suspects and the company itself on charges covering public fraud, computer crime, fraudulent borrowing in the form of a pyramid scheme, and violations of the Direct Sales and Marketing Act.
According to DSI director-general Yutthana Praedam, the extensive documentation required four vans and six pickup trucks to transport to the attorney-general’s office.
The 19 individuals implicated in the case face serious allegations of public fraud, a pyramid scheme, and other related offenses. The DSI is also conducting an investigation into potential money laundering and violations of tax and accounting laws linked to this matter.
So far, 7,875 complaints have been filed against The iCon Group, with victims claiming to have lost a staggering 1.64 billion baht through investments in the company’s direct sales products.
The DSI has seized assets worth 747 million baht from the suspects, including real estate and luxury vehicles, to ensure future compensation for affected investors.
The report submitted to prosecutors included statements from 50 witnesses corroborating the suspects’ activities.
The DSI is also pursuing additional hidden assets belonging to the suspects and will investigate the management of other dealership networks involved in selling iCon Group products. They are further assessing whether any complainants or witnesses have been threatened.
Following the DSI’s submission, Sakkasem Nisaiyok, spokesperson for the Office of the Attorney-General, confirmed that the alleged offenses took place between August 12, 2020, and August 31, 2024. He noted that the detention period for suspects is set to conclude on January 8 or 9, 2025, with the proceedings attracting significant public attention. A formal announcement will follow the prosecutors’ decision on indictment.
Notably, several celebrities were among those arrested due to the growing complaints from individuals recruited for investments with promises of high profitability but ended up facing substantial losses.
Reports indicate that there are several hundred thousand dealers associated with The iCon Group, including those recruited in Thailand and abroad.
The founder and CEO of The iCon Group, Warathaphon “Boss Paul” Waratyaworrakul, who is also among the detained suspects, previously stated that the company focuses on producing dietary supplements for dealers; however, the success of sales largely depends on individual dealer performance.
