On Friday, police have opened a case against the iCon Group in Chiang Rai and of today there have been 62 victims in the province, with damages totaling approximately 18 million baht. Many victims filed complaints online and some victims went directly to the police.
At Ban Du Police Station in Mueang Chiang Rai District alone, 10 victims have filed complaints, with total damages totaling approximately 4.2 million baht. One of the victims was a 56-year-old man suffered the most damages, totaling more than 3.5 million baht.
The victims son, Mr. Kai 23 told police that his father had started investing money in the Icon group since 2017. He had met and taken pictures Warathaphon “Boss Paul” Waratyaworrakul, founder and CEO of The iCon Group and done many activities with the company.
In the end his father had gone through all their the savings and sold off all their assets. Then arguments with family members started due to financial problems and my younger sister could not continue her studies. His parents finally divorced, with his father going 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 killed himself he started to collect evidence against the iCon group. He was happy that now he could file a complaint with the police to have the leaders prosecute to the fullest extent of the law.
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 a total of 841 million baht (US$25.5 million) in total losses.
On Friday, Pol Maj Gen Sophon Saraphat, the deputy commissioner of the Central Investigation Bureau (CIB), disclosed that the specified damages have been the subject of 2,170 complaints.
The iCon Group fraud case has resulted in the seizure of 24 luxury vehicles, 7.5 million baht in cash, 51 watches, and a variety of brand-name bags and products by the authorities. 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 for money laundering.
At present, 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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