$248 million wired into cryptocurrency just an hour before Icon group arrests. As police uncover fraud details, luxury assets worth ฿160 million were seized from one boss alone. All 18 now face public fraud charges. The former high-flying executives remain in prison as the investigation widens and the scale of wealth generated is revealed.
On Friday, Warathaphon “Boss Paul” Waratyaworrakul eventually appeared before the Criminal Court on Ratchadaphisek Road, facing public fraud charges and offences under the Computer Crime Act. Police objected to bail, but the Icon founder did not request it. At the same time, as the bosses were held in prison, reports surfaced that investigators are discovering the extent of the wealth generated. One boss had a car and watch collection worth ฿160 million. However, even more significantly, a social media activist revealed that $248 million, or ฿8.2 billion, was wired out of Thailand into cryptocurrency, including Ethereum, just an hour before arrests by police on Wednesday.
The fallout from the Icon group’s public fraud across Thailand continues to grow. It follows an uncomfortable night for 17 of the 18 bosses, who spent their first night behind bars.
In short, eleven men were incarcerated at Bangkok Remand Prison while six women were lodged at the Central Women’s Correctional Institution nearby. Afterwards, lawyers for the defendants reported their clients were suffering from stress.
At the same time, prison officials at Bangkok Remand Prison revealed that two of the Icon bosses had chronic underlying conditions. One suffered from a kidney problem, while the other had leukaemia.
Boss Paul Waratyaworrakul faces charges as police intensify investigation into Icon Group
All prisoners were judged suffering from stress due to cramped prison conditions. At the same time, they had requested to see relatives.
On Friday morning, after 8:45 a.m., the founder of the group, Warathaphon “Boss Paul” Waratyaworrakul, was taken by Central Investigation Bureau (CIB) officers from Division 1 headquarters to the Criminal Court on Ratchadaphisek Road.
Boss Paul had been held longer by investigators in the case, as they needed to debrief him. While the 18 bosses are in custody, a huge police operation is underway.
At length, the police aim to understand the business empire and collect further evidence. Certainly, at this time, additional arrests are not being ruled out, particularly celebrities known to have had close connections with the direct sales network.
However, police now believe that the network may be nothing but a highly successful pyramid scheme.
Judge orders Boss Paul’s detention as fraud victims emerge across Thailand and Cambodia
Indeed, victims of the fraud are now being located not only in Thailand but also in Cambodia. The Icon Group has launched there in recent times.
On Friday, Boss Paul appeared before the court charged with public fraud. Investigators requested his continued detention. He was charged with public fraud under Sections 341 and 342 of the Criminal Code.
In addition, he is charged under the 2007 Computer Crime Act as amended in 2017 via Section 14(1) in conjunction with Section 83 of the Criminal Code.
After that, the judge questioned the prosecutor in the case and the defendant. Eventually, he ordered the accused to be held at Bangkok Remand Prison.
Significantly, afterwards, no application for bail was made. Certainly, the police had strongly indicated they opposed any such relief during the appearance before the judge.
Political implications of Icon group scandal reach Palang Pracharat Party amid investigation
In turn, at 11:45 a.m., Boss Paul was taken from the court in Corrections Department transport to join his fellow defendants in prison.
The case has gripped Thailand over the last 24 hours. Certainly, it also extends into the political arena, with the Palang Pracharat Party planning an urgent meeting as they prepare to expel a member.
This is linked to suspected corruption connected with the Office of Consumer Protection, which is presently being delved into by the Crime Suppression Division (CSD). On Thursday, Prime Minister Paetongtarn Shinawatra revealed she had discussed the case with National Police Chief General Kittirat Phanphet and ordered that no stone be left unturned.
In the meantime, the Prime Minister’s Office has revealed that a letter to Boss Paul has been sent asking him to return an Office of Consumer Protection award made to the Icon Group in 2021.
Icon executives’ financial assets seized as fears of widespread fraud deepen
Furthermore, the Anti-Money Laundering Office (AMLO) is busy scouring the financial affairs of the arrested executives.
In one particular move, ฿1.5 million was seized from a securities account. However, fears are growing that the extent of the fraud may be larger than anyone expected.
On Wednesday, it was revealed that over ฿125 million was seized in 11 bank accounts while 62 rai of land worth up to ฿200 million was also subject to an order. In the meantime, investigators have identified the possessions of one of the bosses, TV presenter Kan Kantathavorn, including luxury watches and cars valued at ฿160 million alone.
Icon Group scandal only beginning as 18 bosses prepare to seek bail. Political connections revealed
At length, they include a Mustang original car and a Porsche Cayenne, gifted to his wife. In addition, the online TV host owned a collection of watches worth over ฿100 million.
Icon boss Kan Kantathavorn’s luxury assets revealed as bail requests denied
For instance, they included a Patek Philippe Grand Complication Sky Moon, valued at about ฿13 million baht, in addition to a Patek Philippe Grand Complication Diamond Platinum (฿12 million baht).
After that, Kan owned a Richard Mille (฿11 million) and a Patek Philippe Perpetual Calendar Chronograph (฿10 million). On Thursday night, both Kan, Peechaya Wattanamontree and Yuranunt Pamornmontri requested bail from the court. In brief, they were refused.
Before his arrest, Kan is said to have withdrawn ฿1.8 million from his bank account just minutes before it was frozen by authorities. Certainly, there is rising concern about the scale of the money involved. Undoubtedly, it is growing.
Social media activist reveals $247.91 million cryptocurrency transfer before Icon arrests
Activist and social media star Ekkapop Lueangprasert had some news which he thought related to the case. The former Bhumjaithai Party candidate is a close associate of Deputy Prime Minister and Minister of the Interior Anutin Charnvirakul. He revealed that $247.91 million was transferred into cryptocurrency.
Certainly, this was just hours before Warathaphon “Boss Paul” Waratyaworrakul’s arrest on Wednesday. This came at the same time as a police operation to simultaneously take in the Icon Group management.
That amounts to ฿8.2 billion. There were four transfers using two different kinds of cryptocurrency, with most of the funds being converted to Ethereum.
In brief, this is an open blockchain-linked cryptocurrency that has recently spiked in value. Indeed, it was up 1.8% on Friday alone.
Ethereum has drawn the attention of US authorities, including the Ministry of Justice, due to the ease with which it can be used by criminals for ‘clean’ transfers of funds. Indeed, the founder of the cryptocurrency has been charged in the United States with money laundering and conspiracy charges.
Fraud victims, including cancer-ridden elderly woman, emerge as details of pyramid scheme unfold
At length, on the other side of the equation, those who have lost money in the scheme are now pouring in.
Indeed, many had hoped for the best, but hopes have been shattered with the arrests on Wednesday and charges brought against the management of the Icon Group.
Those who lost money included many who paid ฿200,000 to ฿250,000 for dealerships with the fraudulent scheme. One of these was revealed on Friday to be a cancer-ridden 78-year-old woman.
Poignantly, Ms. Thongsuk (surname withheld) sold 1 rai of land to get involved in the pyramid scheme. At length, she thought it might help her fund her medical costs. However, while she received products, she was unable to sell anything due to restrictive bartering rules.
Swedish victim files complaint after failing to receive products from fraudulent Icon scheme
Another victim was a Swedish national in Thailand.
Sixty-four-year-old Mr. Okan (name withheld) was introduced to the scheme by his brother. Previously, he was impressed by the esprit de corps and positivity of the Icon group.
On Thursday, he explained that he could afford to lose the money. However, he never did receive any product from the firm despite promises. In short, he decided to file a complaint in order to assist those presently seeking justice.
Meanwhile, well-known Thai celebrity lawyer Decha Kittiwittayanan on Friday has bad news for Icon bosses.
In essence, he predicted that all those accused would face millions of years in prison if convicted of public fraud.
In short, for each count of fraud, the penalty will be 5 years. The management of the Icon group is charged as a group, with each participant responsible individually.
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