A pyramid scheme operated by The iCon Group in Thailand has resulted in substantial financial losses for hundreds of victims. The company's founder and CEO have pledged to cooperate with authorities, but the investigation is ongoing.
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| The iCon Group's alleged pyramid scheme has caused significant financial damage to investors in Thailand, with damages exceeding 118 million baht. Police are investigating the matter and have collected statements from hundreds of victims. Image Courtesy: Bangkok Post |
Bangkok, Thailand – October 12, 2024:
The alleged pyramid scheme operated by The iCon Group, a popular online business promotion company, has caused significant financial damage to investors in Thailand. As of Saturday, the estimated damages have reached over 118 million baht, with more than 300 victims coming forward.
The scheme, which involved high-profile celebrities, lured individuals into investing in products and services offered by The iCon Group. Police are currently investigating the matter and have collected statements from hundreds of victims.
In response to the allegations, Warathaphon "Boss Paul" Waratyaworrakul, the CEO of The iCon Group, has pledged to cooperate with the investigation and has established a relief center for affected individuals. He also emphasized the company's commitment to social responsibility.
The Food and Drug Administration (FDA) has also joined the investigation, finding that one of The iCon Group's products was not registered in its database. This raises concerns about the company's compliance with regulatory standards.
A legal complaint has been filed against The iCon Group's CEO and five celebrities associated with the company, accusing them of fraud, obtaining loans through deceit, and other financial crimes.
The investigation into The iCon Group's pyramid scheme is ongoing, and authorities are working to determine the full extent of the damage and hold those responsible accountable.