Photo credit: Pattarapong Chatpattarasill
Officials have initially confiscated assets valued at approximately 220 million baht, including 23 luxury cars, from suspects involved in The iCon Group fraud case. Nearly a quarter of this total was attributed to the company’s chief executive.
The assets were seized from the 18 suspects arrested on Wednesday as part of the investigation into allegations that the online sales firm operated a pyramid scheme that resulted in significant losses for numerous individuals.
According to sources, the assets taken from iCon CEO Warathaphon “Boss Paul” Waratyaworrakul alone were estimated to be worth 61 million baht. These items included a Mercedes-Benz S500e, a Bentley Flying Spur Hybrid, a Rolls-Royce, as well as luxury bags, watches, and firearms.
Authorities also confiscated around 30 million baht worth of assets from Panjarat Kanokrakthanaporn, including a McLaren and a BMW X3.
From well-known television host and actor Kan Kantathavorn, officials seized assets valued at 17 million baht, which included a Mercedes-Benz Sprinter 416 CDI Van, a Porsche Cayenne S E-Hybrid, a Ford Mustang, and a KIA Carnival.
Sources close to the investigation indicated that officials have yet to seize many more assets from the suspects. Furthermore, it was discovered that some suspects had converted their cash into digital assets in an effort to disguise them before the scandal began to receive media attention this month.
Photos from the courtesy of Bangkok Post.
