Major Cryptocurrency Scandal Unfolds Just Before Arrest of iCon Group Founder
The Anti-Money Laundering Office (Amlo) has initiated an investigation into a substantial cryptocurrency transaction amounting to approximately 241 million USDT, equivalent to over 8 billion baht, believed to be associated with fraudulent activities involving The iCon Group.
Digital Economy and Society Minister has directed Amlo to thoroughly examine the cryptocurrency transfer, stating, “Initial findings indicate that hundreds of thousands of individuals are involved. This investigation will take time.” The Minister also confirmed that a special committee has been established to delve into the allegations surrounding the iCon Group, with an update expected next week. This committee has been allotted 30 days to finalize its report and is collaborating closely with the Central Investigation Bureau.
Earlier, a request was made by an advisor to the interior minister for the police’s Consumer Protection Police Division to scrutinize a significant cryptocurrency transaction that took place just hours before Warathaphon “Boss Paul” Waratyaworrakul, the iCon Group’s founder and CEO, was apprehended.
Allegations have emerged that over 8 billion baht was transferred to purchase Ethereum immediately before the arrest, prompting calls for a thorough investigation into the transaction’s connection to the iCon founder.
Amid these developments, a group of 40 Thai and foreign individuals residing overseas has accused The iCon Group of not delivering products they had purchased, resulting in losses totaling 20 million baht. Currently, complaints against the online business promoter are nearing 3,000 cases.
A representative for the affected individuals arrived at the Central Investigation Bureau in Bangkok to formally file a complaint with the Consumer Protection Police Division. This representative presented documentation, including purchase receipts and photographic evidence linking victims to the firm.
The victims, residing in locations such as China, Hong Kong, Macau, Italy, Germany, Canada, Estonia, and Luxembourg, primarily comprised housewives who procured products for resale due to persuasive advertising featuring celebrity endorsements.
Notably, one victim from Hong Kong reported transferring over one million baht for various products, of which only a partial delivery was received. Attempts to seek recourse through an agent were unsuccessful, as the agent disclaimed responsibility.
The increasing number of complaints, now totaling 2,910, has prompted police investigations into claims that the iCon Group may have operated a pyramid scheme causing collective losses of 911 million baht.
Warathaphon, along with 17 other suspects—including celebrities—was arrested on charges of public fraud and providing false information to a computer system. They have all denied the charges, with most opting not to seek bail, while the three who did were denied. All suspects remain in custody as investigations continue.
