Police opened a case against the iCon Group in Chiang Rai, and 62 victims in the province have already come forward. Their damages total approximately 18 million baht. Many victims filed complaints online, and some went directly to the police.
At Ban Du Police Station in Mueang Chiang Rai District, 10 victims filed complaints, with total damages of about 4.2 million baht. One victim, a 56-year-old man, suffered the most damage, totaling more than 3.5 million baht.
The victim’s son, Mr. Kai, 23, told police that his father began investing in the iCon Group in 2017. He met and took pictures with Warathaphon “Boss Paul” Waratyaworrakul, founder and CEO of the Icon Group, and participated in many activities with the company.
Ultimately, his father exhausted their savings and sold off all their assets. This led to arguments with family members over financial problems, and his younger sister could not continue her studies. His parents eventually divorced, and his father went to live as a monk at a temple near their house before hanging himself in April 2020.
Mr. Kai told investigators that after his father’s death, he began collecting evidence against the iCon Group. He was pleased that he could now file a complaint with the police for full prosecution of the leaders.
iCon Groups Assets Seized
Pol. Col. Ananjak Kanoknaphawat, Superintendent of Ban Du Police Station, said that according to the orders of the Royal Thai Police and the Commander of Provincial Police Region 5, including the Commander of Chiang Rai Provincial Police, every police station has opened a complaint center to facilitate people who lost money with the iCon Group so that they do not have to travel to file a complaint at the Central Investigation Bureau. Each police station has arranged for investigators to fully accept complaints.
To date, over 2,000 investors have submitted complaints to the police regarding The iCon Group, a prominent online business promoter, for allegedly operating a pyramid scheme that has resulted in 841 million baht (US$25.5 million) in losses.
On Friday, Pol Maj Gen Sophon Saraphat, the Central Investigation Bureau deputy commissioner (CIB), disclosed that 2,170 complaints had been filed regarding the specified damages.
The iCon Group fraud case has resulted in the authorities’ seizure of 24 luxury vehicles, 7.5 million baht in cash, 51 watches, and various brand-name bags and products. The total value of the seized assets is approximately 210 million baht. Some suspects who transferred assets to others may be subject to additional accusations of money laundering.
Currently, 18 individuals, including Waranthaphon “Boss Paul” Wratyaworrakul, the founder and CEO of The Icon Group, have been apprehended on charges of public fraud and falsifying information in a computer system. The suspects are all presently in custody.
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