125 million baht in assets temporarily seized in iCon Group scandal
The Anti-Money Laundering Office (AMLO) temporarily seized 125 million baht in assets from the iCon Group CEO and three key members of the executive board for up to 90 days during an investigation into its alleged Ponzi scheme.
The AMLO issued an official statement yesterday, October 15, announcing that the assets of the four main leaders of the iCon Group would be apprehended for up to 90 days to prevent them from concealing or transferring assets during the investigation.
The four executives mentioned in the statement are iCon Group CEO Waratphol “Paul” Waratworakul, TV host Kan Kantathavorn, Nichaphon Thongmee, and Jittaya Hong-uppatham.
The total value of the assets seized from the four executives exceeds 125 million baht, including funds in securities trading accounts, current accounts, savings accounts, and digital asset trading accounts, along with accrued interest.
The AMLO also issued a warning to anyone involved in transferring, receiving, or altering the condition of these assets, cautioning them about the penalties for money laundering, which can include imprisonment for one to 10 years, fines ranging from 20,000 to 200,000 baht, or both.
More complaints continue to be filed against the iCon Group, with further information and scandals related to the company being exposed. Both former investors and ex-employees of the company came forward, sharing confidential details with the media.
“Deities” support business
Recently, two crucial voice recordings were made public, suggesting that Boss Paul paid bribes to deities, suspected of referring to Thai government officials and politicians who allegedly supported his business.
On the Channel 7 news programme ถกไม่เถียง (The Discussion), a Thai man named Palm appeared and claimed to be a former employee of the company. Palm alleged that the iCon Group was operating illegally and had to pay bribes to the deities to continue its operations.
According to Palm, the company exchanged cash for the cryptocurrency USDT through illegal Chinese businesses in Thailand to pay bribes, making the transactions difficult to trace.
Palm claimed that these operations cost the company more than 10 billion baht in payments to the deities. He added that a powerful person known only as “T” acted as the company’s advisor, helping them avoid serious criminal charges, and hinted that an even more powerful figure was backing Boss Paul.
Palm also alleged that the company falsified its records, reducing the number of agents from 600,000 to 300,000 before submitting the figures to the police.
The founder of non-profit organisation Saimai Survive, Ekkaphop Leuangprasert, revealed on a news programme that he possesses voice recordings as evidence and issued a warning to the deities to step back from the issue. He threatened to reveal the names of all the influential figures involved if they did not withdraw from the matter.
