Thai activist accused of 10 million baht extortion linked to iCon Group

The CEO of the iCon Group, Waratphol “Paul” Waratworakul, accused a female activist of extorting more than 10 million baht from him by threatening to allege that his company was running a Ponzi scheme.

Paul and 17 other leading members of the iCon Group are being detained at Bangkok Remand Prison and the Central Women’s Correctional Institution after being charged with alleged public fraud and committing fraud by importing false information into the computer system.

Paul’s lawyer, Withun Kaeg-ngan, attempted to visit him at Bangkok Remand Prison yesterday, October 21 but was unsuccessful due to an issue with some documentation. As a result, Withun opted to visit another female iCon Group member, Panyarat “Pun” Kanokrakthanaporn, at the Central Women’s Correctional Institution instead.

Before leaving Bangkok Remand Prison, Withun gave an interview to the media, providing updates on the legal proceedings from the suspects’ side. During the interview, Withun also mentioned the extortion of over 10 million baht that Paul allegedly faced.

Withun explained that Paul was subjected to threats and extortion between February and May of this year. The activist, identified as “K.” and described as having short hair, contacted Paul and threatened to falsely accuse the iCon Group of operating a Ponzi scheme if he did not pay her 10 million baht.

According to Withun, Paul agreed to pay the money, not because he feared the threat or because the company was operating illegally, but to avoid complications. However, the activist did not stop there, demanding an additional 400,000 baht from Paul.

Activist denies extortion

Withun insisted that Paul has voice recordings and other relevant documents to support his claims. He also hinted that more activists demanded money from Paul and other iCon Group members.

The activist “K” mentioned by Withun led to speculation that the female activist and founder of the Anti-Ponzi Scheme Organisation, Kritanong Suwanwong, is the main suspect.

Kritanong, today, October 22, came forward to assert her innocence, stating that she previously acted as a mediator between Paul and a group of victims who sought compensation for their losses. Her involvement occurred before the issue gained public attention.

Kritanong claimed that Paul initially tried to bribe her but she refused, insisting that he compensate the victims directly. Eventually, Paul agreed to pay them 50% of their losses.

According to Kritanong, the victims were grateful for her efforts and wished to support her and her organisation, transferring 20% of their compensation to her group.

Kritanong denied ever receiving the 10 million baht that Paul’s lawyer alleged, challenging the lawyer to meet with her to discuss the matter if he genuinely possessed evidence.

The lawyer of the iCon Group CEO Withun Kaeg-ngan | Photo via ThaiRath