CIB Deputy Chief states no police involvement was found in the Icon Group fraud probe. Ex-justice official and anti-corruption activists face scrutiny over payments tied to alleged protection deals and political connections as the investigation into complex ฿1.6 billion public fraud case deepens and becomes more complex.
The Central Investigation Bureau (CIB) is still examining evidence linked to the relationship between Icon Group’s founder, Warathaphon “Boss Paul” Waratyaworrakul, and various parties who may have received money from the embattled firm’s leader before its ultimate collapse, as allegations of massive fraud emerged. One of these is a former Palang Pracharat Party spokesman identified as Mr. S. At this time, police confirmed they have detected a payment from Boss Paul to Mr. S’s mother of ฿600,000. Various other parties appear to have benefited significantly from Icon Group before its collapse. However, they have subsequently claimed that the monies paid were for the benefit of victims. On Monday, Police Lieutenant General Charoonkiat Pankaew confirmed that presently no police officers have been found to be involved in wrongdoing.
The investigation into the Icon Group fraud case has taken a complex turn. Police Lieutenant General Charoonkiat Pankaew, Deputy Chief of the Central Investigation Bureau (CIB), provided key updates Monday.
So far, police have recorded 5,648 fraud claims linked to the case. The alleged losses total ฿1.6 billion. Authorities expect this figure to grow as the inquiry continues.
Currently, 18 Icon Group directors are in custody. The group includes 11 men and 7 women. These individuals are held in Bangkok Remand Prison and the Central Women’s Correctional Institution. They are accused of orchestrating one of Thailand’s largest fraud schemes in recent years.
Political figures and former justice minister linked to the Icon Group case as grey areas deepen considerably
The investigation has revealed possible political connections. One prominent figure under scrutiny is a former Palang Pracharat Party deputy spokesman, Mr. S was additionally a former Vice Minister in the Ministry of Justice in General Prayut Chan-o-cha’s government.
Police suspect that he may have sought financial gain from Icon Group’s leadership, especially its head, Warathaphon “Boss Paul” Waratyaworrakul.
Investigators believe Mr S’s voice appears in audio clips found on Warathaphon’s phone. These recordings reportedly contain discussions on sensitive case matters. Undoubtedly, in this case police must move cautiously. Peddling political influence or lobbying in itself is not yet a crime.
Police Lieutenant General Charoonkiat confirmed that the Icon Group is suspected of paying large sums for protection. This “protection money” may have been intended to secure political backing.
The Palang Pracharat Party removed Mr. S in October after these allegations surfaced. Certainly, he stoutly maintains his innocence in the matter. Indeed, he particularly resisted efforts to dismiss him from his party position.
According to Charoonkiat, also known as “Big Tao,” Boss Paul has particularly expressed reluctance to press charges against Mr. S. However, this position will not stop the police from pressing forward, he insisted.
Money transfer to Mr. S’s mother raises questions as police investigate motives and origins
One key piece of evidence involves a ฿600,000 transaction from Warathaphon to Mr. S’s mother. Charoonkiat confirmed that the woman will be called for questioning. In short, to clarify the nature of the payment.
Investigators will decide later if a criminal charge is warranted in the case. After that, Police General Charoonkiat said officers will have to consider the nature of any charge. For instance, whether it may be extortion or corruption under Section 148 of the Criminal Code.
Icon Group public fraud case raises awkward questions about official corruption and police links
However, if Boss Paul is reluctant to prosecute and if Mr. S did not hold an official position, both options could be problematic. Certainly, at this time, police are carefully weighing up this aspect of the case.
In addition to Mr. S’s suspected involvement, the CIB is examining others connected to the case. Ms. K, a prominent anti-corruption activist on Facebook, has also come under scrutiny.
She reportedly received a ฿10 million down payment from Icon Group in February 2024, with additional payments following. Ms. K claims these funds were meant to compensate fraud victims. However, her ties to an officer in the Royal Thai Police’s Consumer Protection Division have raised questions.
However, on Monday, Lieutenant General Charoonkiat emphasised that, so far, no officers have been found guilty of misconduct. He stressed the CIB’s commitment to transparency and upholding public trust in law enforcement.
Social media activist linked to Deputy Prime Minister faces investigation under Computer Crime Act
Another aspect of the investigation centres on a social media activist with ties to Deputy Prime Minister Anutin Charnvirakul. This activist manages a Facebook page accused of spreading false information on the case.
Charoonkiat noted that if charges proceed, they would fall under the Computer Crime Act. He also highlighted the need to consider the activists’ intent, as some may have genuinely believed they were acting in the public interest.
A new development in the case involves attorney Sittra Biebangkerd, also known as Lawyer Tum. Tum is currently jailed for another fraud case. Before Icon Group’s financial collapse, he and his team reportedly sought ฿7.5 million from Boss Paul to compensate fraud victims.
Police are examining Sittra’s records to confirm whether victims had approached his law firm for help. This will help determine if the payment demands were legitimate or if they involved any misconduct.
CIB places focus on intent of alleged involvement in Icon Group fraud case as probe deepens
Lieutenant General Charoonkiat highlighted the need to consider the intent of each party. He questioned whether victims had freely requested help from Lawyer Tum’s firm.
The CIB expects further developments after a review meeting scheduled for Wednesday, November 13, 2024. Charoonkiat emphasised the CIB’s dedication to public service. “I confirm that the police are the people’s refuge, not a group set up to exploit victims,” he stated.
Charoonkiat also expressed gratitude to groups that genuinely aim to help Icon Group victims. However, he warned that the police would take firm action against anyone using the case for personal gain.
As the investigation continues, Charoonkiat and the CIB are working to untangle the connections between whistleblowers, social media activists and high-profile political figures. The full extent of the Icon Group fraud case and its aftermath still remains unclear. Nonetheless, police are committed to bringing anyone who broke the law to justice.
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Further reading:
Icon Group public fraud case raises awkward questions about official corruption and police links
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