Warrants sought in iCon case

The Royal Thai Police (RTP) plan to ask a criminal court for arrest warrants against all parties involved in The iCon Group case including its owner after receiving complaints from 161 people who lost about 62 million baht to the suspected pyramid scheme.
Pol Col Uthane Nuipin, deputy RTP spokesman, gave an update on the progress of the case on Friday, listing the number of victims and the alleged damages.
On Friday morning, the Consumer Protection Police Division (CPPD) and the Office of the Consumer Protection Board (OCPB) searched the company’s premises to gather information. They also inspected 15 products that the company claims to sell.
These products will be sent to various agencies for further examination.
An investigation showed the company’s annual revenue reached up to 5 billion baht, despite having only 15 products for sale. Authorities are now investigating whether the sales figures align with the company’s reported revenue and if the products were distributed to the public.
In addition, over 120 bank accounts linked to the company have been forwarded to the Anti-Money Laundering Office (Amlo) for further scrutiny.
Pol Col Uthane said the national police chief, Pol Gen Kitrat Phanphet, has ordered the case to be expedited to gather sufficient evidence to seek warrants against the company’s executives and involved parties on charges including violations of the Emergency Decree on Fraudulent Borrowing, fraud and money laundering.
The investigation is expected to be finalised within 48 hours. Most of the assets are immovable property, making them easier to return to victims.
Both direct sales and direct marketing are legal regardless of online sales. However, if the focus is on advertising and raising funds instead of selling quality products, it could fall under the category of a pyramid scheme.
Lawyer Sittra Biabungkerd and Tankhun Jitt-itsara on Friday filed a complaint with CPPD investigators against the six key members of The iCon Group for committing pubic fraud, obtaining loans amounting to public cheating, inputting false information into a computer system and laundering money.
Mr Sittra said he had obtained evidence from victims that the firm allegedly lured people into investing in online courses similar to a pyramid scheme. His complaint targeted Woratphon Waratvorakul, 41, the CEO aka “Boss Paul”, and five other celebrities such as Yuranunt “Sam” Pamornmontri, Kan Kantathavorn and Pechaya “Min” Wattanamontree.
The lawyer said four victims told him wealthy individuals would be invited to dine with the CEO. Three invested 250,000 baht each in the business. One year after their investment, they still had not received any products, said the lawyer. The lawyer urged police to follow the money trails of the six individuals. He said some of the victims wanted to commit suicide.