The iCon Group Co has found itself embroiled in a fraud scandal, with over 740 people now filing complaints against the company, alleging losses of more than 250 million baht. The number of complainants continues to rise, with victims from countries such as Cambodia, Laos, Myanmar, and Japan claiming to have been defrauded by the company.
In Japan, a group of individuals who suffered heavy losses after investing in products from The iCon Group shared their stories on social media platforms like Facebook. Similarly, investors in Cambodia, Laos, and Myanmar have also come forward with allegations of being scammed by the company.
Due to the challenges of traveling during the COVID-19 pandemic, many victims are unable to provide in-person evidence at the Consumer Protection Police Division (CPPD) headquarters in Bangkok. As a result, they have been advised to file complaints at their local police stations, submit reports online, or contact the Royal Thai Police hotline at 1599.
The Department of Special Investigation (DSI) is likely to take over the case, as the alleged fraud involves over 300 victims and losses exceeding 100 million baht. Following the voluntary surrender of Warathaphon “Paul” Waratyaworrakul, CEO of The iCon Group, five other prominent figures from the company, including celebrities, also turned themselves in for questioning.
While these individuals have been released without charge, they are now considered suspects in the ongoing police investigation. Charges will be filed once the police have gathered sufficient evidence to support the allegations against them.
Among the key figures who surrendered to the CPPD, Kan Kantathavorn, a popular TV host and actor serving as the marketing director of The iCon Group, was the last to report. Despite turning himself in, Kan maintains his innocence and has terminated his contract with the company.
In a Facebook post, Mr. Warathaphon sought to reassure business partners and investors of his innocence and the legitimacy of his business. He emphasized that no charges have been brought against him or others who surrendered. He also hinted at potential legal action against the plaintiffs once the court dismisses the lawsuit.
National police chief Pol Gen Kitrat Phanphet urged investigators to support the victims in their pursuit of justice, acknowledging the challenges they face without legal representation. Additionally, Surachoke Tangwiwat, secretary-general of the Food and Drug Administration (FDA), revealed that one of the products promoted by The iCon Group lacked FDA certification.
The unfolding saga of The iCon Group underscores the importance of consumer protection and regulatory oversight in preventing fraudulent activities that can harm individuals and economies. As authorities delve deeper into the case, more revelations are expected to shed light on the extent of the alleged fraud and its impact on victims across borders.
