Expats Join Complaints as iCon Group ‘Bosses’ Imprisoned; CEO Follows

Police officers escort Boss Paul, Waratpol Waratworakul, the main suspect in The Icon Group case from the Central Investigation Bureau to the Ratchada Criminal Court on October 18, 2024.

BANGKOK — The case against the “bosses” of The iCon Group, an online direct sales business, who are being prosecuted for public fraud and inputting false information into computer systems, has expanded to include foreign victims in addition to Thai victims. Meanwhile, ‘Boss Paul,’ the main suspect in the case, is going to be imprisoned following the 17 bosses.

On October 17, Ms. Chalida Palamat, the president of the Pen-nueng Foundation, brought victims of investment fraud by The iCon Company to file a complaint with the Central Investigation Bureau. Among the victims were two expats: a Swedish national and a Cambodian national, who had lost over 200,000 baht in investments.

Mr. Okan, a 64-year-old Swedish national, revealed that he learned about The iCon through his brother, who recommended investing. Initially, he thought the company had a good image, with many franchises and apparent camaraderie among company members from top to bottom. This led him to trust the company and invest 200,000 baht. However, after investing, he received nothing in return, not even the promised products.

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Ms. Chalida Palamat, the president of the Pen-nueng Foundation, brought victims of investment fraud by The iCon Company to file a complaint with the Central Investigation Bureau on October 17, 2024.

The Swedish man stated that for him, this amount of money wasn’t substantial, but for some people, it was a significant sum. He decided to file a complaint today because he wanted justice for the victims.

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Ms. Jinny, a 42-year-old Cambodian national, shared that in 2022, during the COVID period, she was looking for courses to supplement her income. She found an online sales course by The iCon, priced at only 97 baht, and decided to enroll. The first 1-2 days taught sales methods.

However, on days 3-4, various bosses came to talk, including “Boss Suay” Natpasorn Chatthanasorn, who encouraged investment in The iCon business, presenting various attractive propositions promising success. Believing it to be credible, she decided to open one dealership for 250,000 baht.

Furthermore, The iCon expanded into the Cambodian market in 2024, with various bosses, including actor bosses, attending the event. It’s estimated that no fewer than 1,000 Cambodians participated, likely resulting in massive losses.

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Police officers escort 17 suspects in The Icon Group case from the Central Investigation Bureau to the Ratchada Criminal Court on October 17, 2024. The court denied bail for all suspects.

On October 18, “Boss Paul” Waratpol Waratworakul, the main suspect in the case and the founder and CEO of The iCon Group, is going to be taken into custody like the other 17 bosses. The Central Investigation Bureau officers have just finished interrogating him on Friday morning.  It is believed that he will face the same fate and be detained in prison.

Earlier, the Criminal Court denied bail to 17 suspects in The iCon Group fraud case against the public and for inputting false information into computer systems.

The court considered the investigators’ petition, stating that: “The case is complex and intricate, with widespread societal impacts across the kingdom. There are numerous victims, a high monetary value involved, and it is a case of public interest. If released on temporary bail, there are concerns that the suspects may flee.”

All of them were taken to prison on the night of October 17. Ten male suspects, including famous actors Sam Yuranunt Pamornmontri and Kan Kantathavorn, were transported to Bangkok Special Prison. The seven female suspects, including Min Peechaya Watanamamontree, were separately detained at the Central Women’s Correctional Institution.

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17 suspects in the iCon Group fraud case, are taken to prison on the night of October 17, 2024.

They underwent the standard prisoner intake process, similar to regular inmates. This included a physical examination and changing into brown prison uniforms. They will be placed in a quarantine ward for 5 days, followed by a 5-day classification period, after which they will be distributed to various prison sections.

Prior to this, the police impounded 23 luxury cars and some other items worth 220 million baht from The iCon Group’s top executives. Most of the cars, including one Bentley and a Rolls Royce, and a few items belonging to CEO and group founder Boss Paul alone are worth 61 million baht.

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The CIB officers seize several luxury cars of the iCon Group’s bosses.
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The iCon Group “18 Bosses” Are Arrested and Spend a Night in Cell