CEO of The iCon Group Denies Pyramid Scheme Allegations, Vows to Assist Victims
Warathaphon “Boss Paul” Waratyaworrakul, the CEO of The iCon Group, turned himself in to the Consumer Protection Police Division (CPPD) amid rising concerns regarding fraud allegations. Mr. Waratyaworrakul firmly denied any involvement in a pyramid scheme and committed to supporting the hundreds of individuals who have lodged complaints against the online sales company.
Accompanied by legal counsel, Mr. Waratyaworrakul reported to law enforcement officials, who are pursuing an arrest warrant based on fraud accusations. In conjunction with these developments, the Anti-Money Laundering Office (Amlo) is evaluating the potential freezing of the company’s assets as investigations unfold.
Expressing sorrow over the losses suffered by investors in the direct sales sector, Mr. Waratyaworrakul acknowledged that he should have addressed these concerns sooner. He expressed his intention to appoint a reputable individual to oversee a support center aimed at providing assistance and compensation to affected individuals.
Mr. Waratyaworrakul characterized this initiative as a humanitarian effort, asserting that his direct sales operations are transparent and legitimate. “I maintain my innocence throughout the six years of building this business,” he stated, emphasizing that online sales processes, like those used by his company, are common and not inherently illegal.
While refraining from commenting on rumors regarding celebrities involved with The iCon Group, Mr. Waratyaworrakul indicated that he had thoroughly explained the company’s operations to authorities and preferred to keep this information private for now. When questioned about the substantial reported losses by complainants, he remarked that such claims must be substantiated with evidence.
Complaints Surpass 488
The iCon Group drew in participants with affordable online marketing courses, but many claimed they faced pressure to invest significantly more in health supplement products and advertising to recruit new members. As of now, the police reported a total of 488 fraud complaints, with an estimated loss of 178 million baht, according to Pol Maj Gen Sophon Sarapat, deputy chief of the Central Investigation Bureau (CIB).
Although he was allowed to leave without formal charges following questioning, Pol Maj Gen Sophon indicated that details surrounding the business operations may align with public fraud definitions. In response to the police’s inquiry, Amlo is investigating the transactions and assets linked to The iCon Group, with banks already notified.
If significant evidence of fraud surfaces, authorities reserve the right to seize suspect assets to prevent potential losses during the investigative process, as explained by Amlo representatives.
In related news, Kan Kantathavorn, a prominent TV host and actor associated with The iCon Group, clarified that he was only contracted for public relations and has since ended that agreement. He ensured that all products he endorsed were legally certified for consumer safety.
Other prominent figures tied to the company, including Yuranunt “Sam” Pamornmontri and Pechaya “Min” Wattanamontree, also reported to the CPPD on Saturday. Earlier that day, police conducted raids on multiple locations associated with The iCon Group to gather further evidence.
Additionally, the Medical Council of Thailand is considering filing a police complaint against Tananont Hiranchaiwan, an executive at The iCon Group, for misrepresenting his credentials as a certified medical doctor, despite having lost his medical license six years prior.
