National —
On October 18th, 2024, Thai national media provided an update on the case involving The iCon Group, as more victims came forward with evidence such as payment records.
Among them was 32-year-old Piramna, a government employee, who recounted how she became involved with the company in 2020 during the COVID-19 pandemic. Drawn in by an online course on creating influencer content for just 29 baht, she initially participated in lessons as advertised but soon found herself encouraged to sell products like collagen and coffee.
After investing 24,000 baht to buy stock, she faced difficulties in selling the expensive products, eventually keeping and using them over two years.
Another victim, 49-year-old Pitipat, also a government worker, shared how she was lured by the company’s promises of 100% profit from product sales. She borrowed over 300,000 baht from her cooperative savings to invest, hoping for substantial returns.
However, the overpriced products did not sell, leaving her deeply in debt and emotionally distressed, to the point of considering suicide. Pitipat said she only pulled through thanks to the support of friends and colleagues.
Read our recent article about multiple victims coming forward to file complaints against The iCon Group.
The Department of Special Investigation (DSI) has taken significant action in the case. Under orders from the Anti-Money Laundering Office (AMLO), assets of The iCon Group and its associates, totaling 127 million baht, were frozen. These assets include cash, stock holdings, and other valuables linked to the company.
TPN covered all the details about The iCon Group here.
The DSI and AMLO are also examining a reported 8-billion-baht cryptocurrency transfer an hour before the arrests of executives, which may be tied to the fraudulent activities of the group. Thai authorities are determined to trace all assets and transactions linked to the scam to ensure justice for the victims.
AMLO emphasized that any attempt to conceal, transfer, or use these frozen assets, especially if linked to criminal activity, could result in money laundering charges, punishable by up to 10 years in prison or a fine of up to 200,000 baht.
As of press time, 2,702 victims filed reports to the police, with a total damage value of 933 million baht, according to Thai national media.
The eighteen executives of the company all remain in jail as of press time, including multiple famous millionaire celebrities, with bail denied at this time due to concerns of being a flight risk.
This article originally appeared on our sister website The Pattaya News.
