Direct Sellers Report Over 2 Billion Baht in Losses Due to Fraud
PUBLISHED: 22 Oct 2024 at 16:37
Nearly 7,000 individuals have filed fraud complaints against The iCon Group, reporting total losses exceeding 2 billion baht. The Central Investigation Bureau (CIB) revealed that from October 10 to 21, 6,979 complaints were logged, resulting in reported damages amounting to 2,046 million baht.
The national police chief announced that investigators are currently examining the online business’s financial records and money trails. On Tuesday, police conducted searches of 11 additional locations associated with 18 company officers accused of public fraud to gather more evidence.
Warathaphon “Boss Paul” Waratyaworrakul, 41, the founder and CEO of The iCon Group, along with 17 other suspects, including well-known personalities, were arrested last Wednesday on charges relating to public fraud and disseminating false information via a computer system. All individuals remain in custody.
The iCon Group, which is under scrutiny for operating a pyramid scheme, comes under criticism for its direct selling practices. National police chief assured that those involved, regardless of status, will face legal consequences.
When questioned about the involvement of a notable celebrity spouse in the alleged fraud, the police chief stated that her name did not appear on the suspect list and there were no indications of her leaving the country.
As investigations proceed, the police chief mentioned that further charges could be filed against the initial group of suspects as new evidence surfaces.
In response to viral audio clips suggesting attempted extortion from “Boss Paul,” the CIB is currently investigating, with Mr. Warathaphon himself acknowledging his voice in the recordings.
Authorities have already confiscated assets, including luxury vehicles and valuables, worth approximately 400 million baht from the 18 primary suspects. Additionally, asset transfer reports are being scrutinized closely, with investigators reviewing evidence, particularly surveillance footage.
The CIB commissioner confirmed that Mr. Warathaphon is a Thai citizen, dispelling concerns regarding his nationality, as details from the registration database clarified discrepancies in his ID card.
