Fraud complaints are escalating against The iCon Group, a prominent online business promoter, with legal experts suggesting that celebrity executives involved may face prosecution for allegedly operating a pyramid scheme.
On Thursday, over 20 individuals lodged complaints with the Consumer Protection Police Division (CPPD), assisted by a lawyer advocating for social justice.
One victim recounted how she was initially attracted to The iCon Group’s advertising on television and social media, which promoted an online business course for a low fee of 98-99 baht. Her interest piqued, she enrolled in the three-day course.
During the course, coaches informed participants they could generate extra income by paying a membership fee of 2,500 baht for products. The trainers promised to provide marketing support to facilitate sales.
The victim noted the presence of various celebrities at the firm’s events, emphasizing how they were referred to as “bosses” rather than product presenters. Attendance at these events required an additional payment of 1,500 baht.
Initially lacking sufficient cash to invest, she was advised by a coach to approach banks to secure loans, allowing her to invest further. As a result, she invested her savings and borrowed more on credit cards.
However, she soon realized her investments were not directed toward actual products but rather towards buying social media ads to attract more dealers. Compensation was promised for recruiting individuals rather than selling goods.
Growing increasingly suspicious, the woman noted that the focus was on recruitment rather than product sales, leading her to accumulate significant debt, for which the company’s products held little value.
Another victim shared a harrowing thought of suicide after investing over 200,000 baht from loans.
The lawyer indicated that the group of 20 complainants represents just a fraction of approximately 500 individuals affected by the firm’s operations.
He urged police to investigate the business’s legitimacy, assessing whether it constitutes public fraud or a pyramid scheme.
While some victims previously reported their issues to authorities, follow-up actions were reportedly lacking. Others sought assistance from influential contacts, resulting in partial refunds under conditions forbidding further complaints.
In earlier assessments, the Office of the Consumer Protection Board deemed the firm’s operations lawful. However, a comprehensive investigation is now essential.
Celebrities Under Scrutiny
On the same day, a prominent lawyer accompanied ten victims to the police, asserting that several celebrities linked to The iCon Group face potential prosecution for their involvement, although he withheld their names.
The company primarily promotes health supplements, featuring well-known personalities in its marketing campaigns.
One of the celebrities has distanced himself from the company’s activities. Inadequate disclosures and misleading advertisements were cited as tactics used to lure investments.
According to reports, the company initially charged a modest 97 baht for investment courses, later encouraging participants to invest up to 250,000 baht under false promises of high returns.
Victims were persuaded to buy advertisements as part of their investment strategy, with average losses reported around 500,000 baht per investor. So far, around 500 individuals have sought legal recourse.
The legal representative emphasized the urgency for victims to take action against all individuals involved in this alleged fraudulent scheme.
This situation has sparked considerable discussion on social media, with speculation surrounding high-profile celebrities allegedly leveraging their fame to promote investment opportunities that turned out to be deceptive.
CEO Defends Business Practices
The CEO of The iCon Group has publicly defended his business model, recounting a challenging journey from working various jobs to leading a company that reported nearly 5 billion baht in revenue in 2021.
The company’s financial report for the previous year detailed assets totaling 2.4 billion baht, debts amounting to 1.55 billion baht, along with total income of 1.89 billion baht and a modest net profit.
The CEO recently addressed allegations through social media, asserting that his business has always operated transparently and expressing readiness to cooperate with ongoing investigations.
He called on the public to allow the judicial process to clarify the validity of the claims against him and his company.
