iCon Group leaves 635 investors short-changed in 232 million baht bust
In the wake of the iCon Group’s alleged Ponzi scheme scandal, 635 people filed complaints against the company, reporting losses exceeding 232 million baht. Investigations are currently underway into the involvement of a policeman, a politician, and a fraudulent doctor linked to the organisation.
The iCon Group, a beauty and supplementary products company, has become a hot topic in Thailand due to its suspicious business model, which appears to resemble a Ponzi scheme. The company reportedly focused more on recruiting agents than on product sales.
Three well-known Thai celebrities, including TV host Kan Kantathavorn, leading actress Peechaya Wattanamontree, and former actor Yuranunt Pamornmontri, were allegedly involved with the company. However, they have all denied the accusations.
Kan and Peechaya claimed they were merely product presenters and were unaware of the business model, while Yuranunt stated that his role was solely in research and development.
Another prominent actor, Pakorn Chatborirak, who appeared in the company’s advertisements, insisted he only worked as a presenter. Pakorn said he would have declined the job had he known the business model was akin to a Ponzi scheme. He also took legal action against the company for withholding information from him.
The head of the iCon Group, Waratphol “Paul” Waratworakul, known as “Boss Paul,” gave an interview on Channel 3’s news programme Hone Krasae yesterday, October 14. He maintained his innocence and claimed that many agents benefited greatly from his company.
During the interview, Boss Paul became emotional and vowed to compensate all agents who were negatively affected by his business. At the end of the programme, he immediately transferred 170,000 baht to a disabled woman who invested in his company.
Bribery, fake doctor, suspicious police
Boss Paul is suspected of bribing an official from the Office of the Consumer Protection Board (OCPB) and an unidentified politician, following the release of two voice recordings in the news programmes.
In the first recording, Boss Paul was allegedly heard telling his lead agent that he bribed “some deities” at the OCPB after being summoned for questioning. Many believe the term “deities” referred to OCPB officials, although in the interview, Boss Paul insisted he was speaking about supernatural beings.
In another recording, Boss Paul is reportedly heard speaking with a man he referred to as a powerful politician. He admitted to bribing certain politicians but refused to disclose any names or details about their identities.
Suspicious information regarding the case continued to circulate on Thai social media. Thananon “Ek” Hirunchaiwan, also known as “Boss Doctor Ek,” a member of iCon Group’s executive board, is under investigation by the Department of Health Service Support and the Medical Council of Thailand.
Boss Doctor Ek is a medical technologist, not a licensed doctor, but he often portrayed himself as a doctor to gain trust and benefit the company. Some media outlets reported that his medical technologist certification already expired.
Another investigation is underway concerning a leading agent of the company, who claimed to be a police corporal in the southern province of Songkhla. The man was seen wearing a police uniform while advertising the company’s training courses on TikTok.
According to the latest report by Than Settakij, the Central Investigation Bureau (CIB) has revealed that 635 people have filed complaints against the iCon Group, with total losses now exceeding 232 million baht.
