CEO of The iCon Group, Warathaphon “Boss Paul” Waratyaworrakul, categorically denies ever paying bribes to state agencies as he faces serious legal troubles.
More than 2,000 individuals have reportedly filed complaints against The iCon Group, alleging it has operated a pyramid scheme that has led to total losses of 841 million baht.
According to police officials, a staggering 2,170 complaints have been registered, prompting national police chief to establish dedicated complaint centers across the country to assist alleged victims in reporting their cases.
Authorities have confiscated 24 luxury vehicles, 7.5 million baht in cash, 51 watches, and various designer products from individuals connected to The iCon Group fraud investigation, accumulating to an estimated total asset seizure value of 210 million baht. Some suspects who have transferred assets may be charged with money laundering.
Police have stated that no one, regardless of status, will be spared arrest for involvement in these alleged crimes, with current investigations extending to celebrities and monks.
Currently, 18 individuals, including Warathaphon, have been arrested and charged with public fraud and falsifying information in a computer system. All suspects remain in custody pending further legal proceedings.
Warathaphon, 41, appeared distressed during his transport to court, where police opposed bail due to concerns of collusion with other suspects and the serious nature of the allegations, including significant societal impact and numerous victims involved. The court subsequently denied bail, leading to his detention at Bangkok Remand Prison.
The four high-profile suspects, among the 18 arrested, included actor Yuranunt “Boss Sam” Pamornmontri and actress Pechaya “Boss Min” Wattanamontree, all facing serious allegations following over 1,000 fraud complaints related to the company’s promotional practices.
Victims allege they were misled into believing they were participating in legitimate online marketing courses priced under 100 baht, only to face substantial financial pressure for further investments.
Investigators indicated that they require more time to thoroughly assess the case, promising an ongoing commitment to securing justice for all affected parties.
The attorney representing Warathaphon stated that the CEO would not pursue bail and insisted the company operated within legal parameters, while proclaiming the innocence of all those involved.
Warathaphon addressed a viral audio clip reportedly featuring his voice and reiterated his innocence regarding any bribery claims involving state agencies. His legal representatives strongly refute allegations made concerning financial misconduct related to asset conversions for bribes.
Furthermore, the attorney emphasized that the company’s turnover was 10 billion baht, making the alleged bribery claims unfounded, and warned that false claims could lead to legal repercussions for those making them.
