Whistleblowers to receive rewards in iCon Group fraud case
Whistleblowers and officials are set to receive rewards for their role in the arrest of suspects involved in a major fraud case, where victims accused a prominent company, The iCon Group, of deceptive loan practices, leading to approximately 35 million baht in damages.
Around 90 individuals have come forward to file complaints against The iCon Group and its associates, alleging that they were involved in fraudulent loan schemes. These schemes are said to have misled the public, causing significant financial harm.
The charges include jointly borrowing money in a manner that deceives the public, fraudulently or deceptively inputting distorted or false computer data in a way that could harm the public, under the Emergency Decree on Loan Fraud and the Computer Crime Act 2007 and its amendment 2017, Section 14 (1), in conjunction with the Criminal Code Section 83 and other related offences.
Police have reviewed the legal framework governing loan fraud and have highlighted the importance of rewards for whistleblowers and officials who assist in arresting perpetrators. To enhance the effectiveness of these crackdowns, the law has been amended to include provisions for such rewards.
According to Section 11/1, in cases where individuals are apprehended for violations under Sections 4 or 5, whistleblowers are entitled to a reward. Additionally, officials who search for or arrest the offenders are also eligible for a reward. The prosecutor is responsible for requesting the court to disburse these rewards from the fines paid by the offenders once the case reaches its conclusion.
The rewards are set at 25% of the fines paid to the court. The guidelines and procedures for claiming the rewards, including the distribution among eligible individuals, are determined by the Ministry of Finance regulations.
The iCon Group has responded to the allegations, clarifying that five well-known celebrities—Kan, Sam, Min, Boy, and Dome—are not shareholders in the company. The case has now been referred to the Anti-Money Laundering Office for further investigation, reported KhaoSod.
One of the victims expressed their plight:
“We were encouraged to invest, but now we don’t even have money to buy food.”
Frequently Asked Questions
Here are some common questions asked about this news.
What is the significance of rewards for whistleblowers in fraud cases?
Rewards incentivise individuals to report fraudulent activities, aiding law enforcement in uncovering and prosecuting financial crimes.
How are the rewards for whistleblowers funded in Thailand?
Rewards are funded from the fines paid by offenders once the case is concluded, as per the regulations set by the Ministry of Finance.
What legal provisions address loan fraud in Thailand?
Loan fraud is addressed under the Emergency Decree on Loan Fraud and the Computer Crime Act 2007 and its amendment 2017.
How does the involvement of celebrities impact fraud investigations?
Celebrities’ involvement can draw public attention, but authorities focus on factual evidence to determine their role, if any, in the fraudulent activities.
What role does the Anti-Money Laundering Office play in fraud cases?
AMLO investigates financial transactions to detect and prevent money laundering, which is often linked to fraud cases.
