Photo credit: Wassayos Ngamkham
A group of 40 Thais and foreigners living overseas have accused The iCon Group of failing to deliver products for which they paid, resulting in losses totaling 20 million baht. The overall number of complaints against the online business promoter has now approached 3,000.
Itthidet Thanetwattana, a representative of the affected individuals, filed a complaint with the Consumer Protection Police Division (CPPD) at the Central Investigation Bureau (CIB) in Bangkok on Saturday. He presented evidence including receipts for iCon product purchases, photographs of shops that had ordered products for sale abroad, and images of victims posing with Warathaphon “Boss Paul” Waratyaworrakul, the founder and CEO of The iCon Group.
According to Mr. Itthidet, the group of 40 victims consists of 20 individuals in Asia and 20 in Europe, all of whom have lost at least 20 million baht. They are currently residing in various countries, including China, Hong Kong, Macau, Italy, Germany, Canada, Estonia, and Luxembourg.
Most of the individuals he represents did not intend to become dealers within the company’s business network; they simply ordered products for resale. Although they transferred funds for these purchases, none of the goods were delivered.
The majority of the victims are housewives who frequently ordered products from Thailand to sell in their countries. They were drawn in by iCon’s advertisements on Facebook featuring celebrity “bosses,” which fostered a sense of trust in the company, Mr. Itthidet explained. Some victims even had personal encounters with Mr. Warathaphon and other celebrity figures during their travels abroad.
One Thai woman living in Hong Kong transferred over one million baht to the company for cocoa powder, coffee, and collagen products, but only received a fraction of the items. When she attempted to reach out to the agent who persuaded her to invest, the agent refused to take any responsibility, Mr. Itthidet stated. Many victims experienced similar issues, not receiving any products after sending their money.
Foreign victims, particularly those from China, are facing additional challenges due to communication barriers and travel costs, which hinder their ability to pursue complaints. They may designate relatives or friends in Thailand to provide statements to police investigators, according to Mr. Itthidet.
The number of complainants against The iCon Group continues to grow. From October 10 to Saturday, a total of 2,910 people have reported to the police, alleging that the firm operated a pyramid scheme that has resulted in cumulative losses of 911 million baht. On Saturday alone, 85 individuals reported losses of 29 million baht.
Mr. Warathaphon, 41, along with 17 other suspects, including celebrities, was arrested on Wednesday on charges of public fraud and entering false information into a computer system. All suspects have denied the allegations.
While most of the suspects did not seek bail, three who applied were denied. All 18 suspects, comprising 11 men and seven women, are currently in custody.
