The Anti-Money Laundering Office (Amlo) is currently investigating the money trail of approximately 241 million USDT, a form of cryptocurrency, valued at over 8 billion baht, believed to be connected with the fraudulent activities of The iCon Group. This investigation has been prompted by recent events, including the arrest of Warathaphon “Boss Paul” Waratyaworrakul, the CEO of The iCon Group.
Digital Economy and Society Minister Prasert Jantararuangtong has taken a keen interest in this case and has directed Amlo to thoroughly examine the transfer of the cryptocurrency in question. According to Mr Prasert, initial findings suggest that a significant number of individuals were involved in these transactions, indicating a complex web of financial activities that will require time to unravel. Moreover, a dedicated committee has been assembled to delve deeper into the scandal surrounding The iCon Group, with a progress report expected to be delivered soon.
In a related development, Ekkapop Luangprasert, an adviser to the interior minister, has raised concerns about a substantial cryptocurrency transfer that occurred just prior to the arrest of Boss Paul. The transfer, amounting to over 8 billion baht used to purchase Ethereum, has raised suspicions about potential connections to The iCon Group. As a result, the Consumer Protection Police Division has been called upon to investigate this matter further.
Furthermore, a group of 40 individuals, comprised of both Thais and foreigners residing overseas, have come forward with complaints against The iCon Group. These individuals allege that they have suffered losses amounting to 20 million baht due to undelivered products despite making payments for them. Most of these victims are based in various countries across Asia and Europe and have found it challenging to seek redress for their grievances.
One particular victim from Hong Kong shared her story of transferring more than one million baht for the purchase of products such as cocoa powder, coffee, and collagen items, only to receive a partial delivery. Similar accounts have emerged from other victims, highlighting a pattern of fraudulent behavior that has affected numerous individuals. The total number of complaints lodged against The iCon Group has now surpassed 2,900, with allegations of a pyramid scheme causing collective losses amounting to 911 million baht.
As the investigation unfolds and more details emerge, the authorities are working diligently to gather evidence and hold those responsible for these fraudulent activities accountable. The complexity of the case necessitates thorough scrutiny and careful consideration of all aspects involved. The victims, both domestic and international, deserve justice and restitution for the harm they have endured as a result of their association with The iCon Group.