iCon ‘pyramid scheme’ damages exceed B118 million

Damages related to The iCon Group’s alleged pyramid scheme, which involves high-profile celebrities, have surpassed 118 million baht as more than 300 victims have come forward.
Police on Saturday said they had collected 306 statements so far from individuals who were lured into investing in the scheme run by the well-known online business promoter.
The damage estimate has increased to 118 million baht since the investigation began on Thursday, said Pol Col Uthane Nuipin, a deputy police spokesman.
In response, Waratphon “Boss Paul” Waratvorakul, the 41-year-old founder and chief executive officer of The iCon Group, announced on Facebook the establishment of a relief centre for affected individuals.
The post outlined the company’s intention to gather relevant evidence and cooperate with legal proceedings while highlighting its commitment to social responsibility.
“This establishment is to provide assistance and indicate our social responsibility, and the company is seeking to discuss the direction of its aid with individuals trusted by society,” he wrote.
The Food and Drug Administration (FDA) reported that it had inspected 14 products marketed by the firm. It found 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 Democrat Party MP-turned-activist Tankhun Jitt-itsara filed a complaint with the Consumer Protection Police Division (CPPD) against the Mr Waratphon and five high-profile celebrities involved in The iCon Group. They are accused of public fraud, obtaining loans through deceit, inputting false information into a computer system and money laundering.
Online marketing courses costing less than 100 baht were used to attract people, who were subsequently asked to invest more money in products to sell. Members also had to pay to attend events featuring celebrity presenters.
One victim told reporters this week that she was also asked to buy advertisements on social media to persuade more people to apply to be dealers or customers. She would then get fees for recruiting them, she said.
An investigation showed the annual revenue of The iCon Group reached up to 5 billion baht, despite having only 15 products for sale. Authorities are now investigating whether the sales figures align with the company’s reported revenue and if the products were distributed to the public.