The Icon Group scandal deepens as 18 bosses, including celebrities, arrested in a massive pyramid scheme bust. Political ties and ฿125 million in seized bank accounts as well as valuable land. Leaked audio clips suggest political protection. Bail applications expected.
A huge alleged pyramid-selling scheme fraud embroiled the stars of the celebrity and political world this week. On Wednesday, 18 bosses were taken into custody in an extensive police operation. In addition, ฿125 million in financial assets were seized, as well as valuable land near Bangkok. Certainly, the scandal, which has seen tens of thousands of people duped and out of pocket, threatens to have significant political ramifications. It is alleged that the firm, The Icon Group, benefited from political protection or assistance. Indeed, questions have been raised about the Office of the Consumer Protection Board, the state agency involved in protecting consumers, which has been implicated in the case itself.
Lawyers representing The Icon Group’s top executives, or “bosses,” are preparing bail applications on Thursday. This follows the arrests of Warathaphon “Boss Paul” Waratyaworrakul and 17 other top executives of the firm on Wednesday.
In brief, this case follows allegations of public fraud and deception against the organisation, which has been in operation since 2019. On Wednesday, police sources revealed there were well over 1,100 cases, with damages approaching ฿400 million.
In essence, this is alleged to be a classic pyramid-selling scheme. However, the company denies the charge, insisting it was an online sales network using peer-to-peer marketing techniques.
Celebrity arrests and police caution mark investigations into Icon Group’s pyramid scheme allegations
Undoubtedly, the business catered to celebrities and showbiz stars, some of whom were among those arrested on Wednesday. In particular, those detained were managers of the firm’s online sales channels.
Before Wednesday’s arrests, the new National Police Chief had urged caution regarding public pronouncements on the case. He indicated that given the nature of the get-rich-quick scheme, successful prosecution of those involved would require meticulous evidence gathering and attention to detail by police.
General Kittirat Phanphet also told reporters that police had already interviewed over 900 complainants in relation to the case.
At the same time, on Wednesday, the Anti-Money Laundering Office (AMLO) moved to seize 62 rai of valuable land near Bangkok acquired by The Icon Group. It has been reported that the land may be worth up to ฿200 million.
Additionally, the AMLO has also seized 11 bank accounts worth ฿125,548,076.
Icon Group boss taken into custody as audio clips hint at political ties and possible protection
Meanwhile, Warathaphon “Boss Paul” Waratyaworrakul was taken into custody on Wednesday afternoon at the Consumer Protection Board Office. Previously, The Icon Group boss had been called there to give a statement to officers, particularly about the operations of the sales network.
At the same time, a political controversy has emerged. Contentious audio clips were released by The Icon Group boss, suggesting a relationship with a politician in parliament dating back several years. The politician believed to be a member of the Palang Pracharat Party, appeared to suggest that appointments to the Consumer Protection Board could be controlled.
Gold couple arrested in a police raid on Monday on criminal charges including public fraud and false advertising
In particular, the recordings referred to the agency as a “deity” that required worship and regular offerings. These audio clips are currently at the centre of a mounting political scandal and are being investigated by the police.
On Wednesday, Police Major General Charoonkiat Pankaew, the Deputy Chief of the Central Investigation Bureau (CIB), spoke with reporters. Firstly, he said police would determine if the calls were genuine voices or AI-generated. After that, they would ascertain if they had been edited.
Politicians confirm voices in clips amid growing scandal, police promise swift action dealing with the case
However, some Palang Pracharat Party politicians have at this time confirmed to reporters that the voice on the clips is a senior member of the party.
Nonetheless, Police Major General Charoonkiat promised that whoever was involved in wrongdoing would be tracked down and arrested. He referred to the mention of “deity” and references to “worship” and “offerings.”
“This is likely just a metaphor used by corrupt individuals seeking illicit benefits. Regardless, if proven to be genuine, the police will make arrests and prosecute, even if it’s a ‘deity’—we’re not afraid, and there will be no exceptions,” he declared.
Meanwhile, after an extensive police operation on Wednesday, all 18 bosses of The Icon Group were arrested. Senior officials at the Office of the Attorney-General (OAG) are reportedly confident that the accused can be held accountable for public fraud. In addition, they face charges under the Computer Crime Act, Consumer Protection Act and the Direct Sales and Direct Market Act.
Icon Group’s 18 bosses face intense questioning as luxury cars line up at CIB headquarters
All 18 were subsequently taken to the Crime Suppression Division (CSD) headquarters for intense questioning. Indeed, Police Major General Montree Theskhan, the chief, ordered extra interview rooms prepared. Furthermore, he ordered the facility’s detention cells cleaned and prepared for new inmates.
As darkness fell on Wednesday night, a parade of luxury cars was seen outside the Central Investigation Bureau (CIB) headquarters. Police confirmed that all 18 bosses were in custody. They were: 1 Boss Min, 2 Boss Pop, 3 Boss Suay, 4 Boss Sam, 5 Boss Win, 6 Boss Mor Ek, 7 Boss Joy, 8 Boss Off, 9 Coach Lab, 10 Boss Kan, 11 Boss Pun, 12 Boss Tommy, 13 Boss Ummi, 14 Boss Paul, 15 Boss Ohm, 16 Boss Mae Ying, 17 Boss Peter and 18 Boss Soda. Certainly, Boss Soda was the last to be brought in. Ms. Yasikarn Ekchisanupong, the wife of Boss Pop, arrived only at 11:58 pm.
In the forecourt were ฿100 million worth of luxury cars. They included a Rolls-Royce, Bentley, Maybach, McLaren, Ferrari, Porsche, and a classic Ford Mustang.
Join the Thai News forum, follow Thai Examiner on Facebook here
Receive all our stories as they come out on Telegram here
Follow Thai Examiner here
Further reading:
Thai drug dealers go high tech with online social media accounts the key mode of distribution
Italian living with Thai wife on Koh Phangan arrested for dealing after drugs found in the post
Pattaya police arrest 6 people in major drugs raid on a house linked to Aussie crime gang network
Aussie biker gang boss on bail turned away from Thailand by immigration as he arrived on holidays
Scotsman known as ‘Big Daddy’ escapes Thailand before arrest warrant issued for human trafficking
