Damages linked to The iCon Group’s alleged pyramid scheme, which has reportedly involved several high-profile celebrities, have exceeded 118 million baht as over 300 victims have stepped forward.
On Saturday, police announced that they had collected 306 statements from individuals who were enticed into investing in the scheme run by a prominent online business promoter.
According to Pol Col Uthane Nuipin, a deputy police spokesman, the estimated damages have risen to 118 million baht since the investigation commenced on Thursday.
In response to the situation, Warathaphon “Boss Paul” Waratyaworrakul, the 41-year-old founder and CEO of The iCon Group, announced on Facebook the establishment of a relief center for affected individuals. His post emphasized the company’s intention to gather relevant evidence and cooperate with legal proceedings while reinforcing its commitment to social responsibility.
“This establishment is intended to provide assistance and reflect our social responsibility. The company is looking to discuss the direction of its aid with respected individuals in society,” he stated.
The Food and Drug Administration (FDA) reported that it had inspected 14 products marketed by the company. They discovered that one supplement, Boom D-Nax (10 Multivitamins), was not registered in its database, raising further concerns about the company’s practices.
On Friday, well-known lawyer Sittra Biabungkerd and former Democrat Party MP-turned-activist Tankhun Jitt-itsara filed a complaint with the Consumer Protection Police Division (CPPD) against Mr. Warathphon and five prominent celebrities associated with The iCon Group. They are accused of public fraud, deceitfully obtaining loans, inserting false information into a computer system, and money laundering.
To attract participants, online marketing courses priced under 100 baht were offered, leading individuals to invest additional money in products for resale. Members were also required to pay to attend events featuring celebrity presenters.
One victim reported that she was urged to buy advertisements on social media to recruit more individuals as dealers or customers, receiving fees for each successful referral.
Investigations revealed that The iCon Group’s annual revenue reached approximately 5 billion baht, despite having only 15 products available for sale. Authorities are currently examining whether the reported sales figures are consistent with the company’s revenue claims and if the products were effectively distributed to the public.
