International victims sue iCon Group after losing over 20 million baht

Representatives of Thai and foreign victims living abroad arrived in Thailand to file complaints against the iCon Group company after they did not receive the products they had ordered. The total losses amount to over 20 million baht.

Channel 7 reported that more than 5,600 people across Thailand filed complaints against the iCon Group company for allegedly operating a Ponzi scheme, which caused damage of over 1.6 billion baht. Central Investigation Bureau (CIB) officers have already arrested 18 leading members of the company, who are now in detention.

The victims of the company include not only people in Thailand but also Thai and foreign nationals living abroad. Accordingly, the victims’ representative, Ittidate Thanatewattana, travelled to Thailand on Saturday, October 19, to file a complaint on behalf of the victims.

Ittidate revealed that more than 40 people from China, Hong Kong, Macau, Italy, Germany, Canada, Estonia, and Luxembourg were victims of the iCon Group. They paid more than 20 million baht to the company but never received any products.

The biggest loss among the group was suffered by the 70 year old victim from Hong Kong, who lost approximately 2.5 million baht. He ordered cacao, coffee, cream, and collagen from the company but did not receive the products.

The Thai victim who lost the most was a man from the northern province of Chiang Rai. He sold his car and house and invested over 3.5 million baht with the iCon Group. Sadly, the man eventually committed suicide after the significant losses.

Crypto transferred abroad

According to an update reported by Thai Rath, 18 suspects, including the company’s CEO and three celebrities, were charged with public fraud and committing fraud by importing false information into the computer system. However, they remain innocent until proven guilty, as the court has not yet reached a verdict.

More members of the company are wanted by the police, including two other prominent bosses and the CEO’s chauffeur. Officers from the Anti-Money Laundering Office (AMLO) are investigating the company’s financial transactions to identify other relevant suspects.

The iCon Group was also found to have transferred 8 billion baht worth of cryptocurrency abroad. AMLO discovered that more than 100,000 people were involved in the financial transactions and promised to conclude the financial report within the next 30 days.

A famous monk, Pramaha Vuttichai Wachiramatee, also known as Wor Wachiramatee, has been criticised for helping the iCon Group promote its products during Buddhist sermons. This criticism led to an investigation into the monk’s Dhamma retreat centre, which was found to be encroaching on national reserved forest land.

Another monk, Phrakru Siri Sang Worradham of Sawang Namsai Temple in the Isaan province of Khon Kaen, is also suspected of involvement with the company after the CEO transferred more than 12 million baht into the monk’s personal bank account.

Phrakru Siri Sang Worradham came forward to insist on his innocence, stating that all the money was used to develop the temple, even though it was transferred to his account. He added that monks do not have the authority to investigate whether donations made to them were obtained illegally.