PUBLISHED: 13 Oct 2024 at 20:52
A significant rise in complaints has been recorded against The iCon Group Co, amid a fraud scandal that has reportedly caused losses exceeding 250 million baht. The total number of complainants has now reached 740.
As the Consumer Protection Police Division continues to receive complaints, new allegations have surfaced, with victims from multiple countries including Cambodia, Laos, Myanmar, and Japan, asserting they have been defrauded by the firm.
In Japan, discussions around severe investment losses related to products from The iCon Group have gained traction online. Investors from Cambodia, Laos, and Myanmar are similarly voicing their grievances on social media platforms.
Due to travel restrictions, many victims are unable to present their testimonies in person at the CPPD’s Bangkok headquarters. Alternatives include filing complaints at local police stations, submitting reports online, or contacting the Royal Thai Police hotline at 1599.
The Department of Special Investigation (DSI) is expected to take over the case, as the fraud allegations involve substantial losses of over 100 million baht and affect more than 300 victims, qualifying the matter for a special inquiry, according to police officials.
Following the voluntary surrender of Warathaphon “Paul” Waratyaworrakul, CEO and founder of The iCon Group, five additional key figures, including several celebrities, have also turned themselves in for questioning.
Although they have been released without charges, these individuals are now regarded as suspects in the ongoing investigation. Police will file charges once sufficient evidence is gathered to support the allegations.
Among those who have reported to the authorities, well-known TV host and actor Kan Kantathavorn, who served as the marketing director for The iCon Group, was the last to arrive. He has consistently maintained his innocence and announced that he has terminated his contract with the company.
Additionally, eight leaders from the direct sales team within The iCon Group have also reported to the police.
On social media, Mr. Warathaphon shared a message aimed at reassuring his business partners and investors regarding his innocence and the legitimacy of his operations, emphasizing that no charges have been filed against him or the other individuals who surrendered.
In his message, he warned that if the court dismisses the lawsuit against him and the company, the plaintiffs might face counterclaims, while also asserting that his attempts to assist the plaintiffs could potentially mitigate any charges against him.
Meanwhile, the national police chief has encouraged officers handling the complaints to approach the cases with the mindset of attorneys aiding victims in their pursuit of justice.
“Victims have lost their money and must navigate the complaint process without legal aid, unlike the defendants,” he stated.
In a related development, the secretary-general of the Food and Drug Administration revealed that one out of fourteen cosmetic and food supplement products promoted on The iCon Group’s website lacks proper FDA certification.
