Police Seize 220M Baht in Luxury Cars, Gold, and More from 'The Icon' Group

[webfact]

 

Police seized 23 luxury cars valued at 220 million baht from the network associated with the "Big Boss of The Icon." The most significant seizure belonged to Boss Paul, totaling 61 million baht. Thai authorities believe there are more assets to uncover as the investigation continues, with suspects allegedly converting cash into digital currency to avoid detection.

 

Yesterday, police raided The Icon Group’s network, seizing assets from 18 suspects believed to have been obtained through illicit activities. Confiscated items included 23 luxury cars, 121 branded items, 39 electronic devices, and other valuables, totaling approximately 219.7 million baht.

 

Picture courtesy: Daily News

 

Key seizures included assets from Mr. Warathapol Waratyaworakul, known as Boss Paul, with luxury cars like a Benz S 500e, Bentley Flying Spur Hybrid, and Rolls-Royce, totaling over 61 million baht.

 

Ms. Panjarat Kanokrakthanaphorn, or Boss Pan, had two luxury cars worth 30 million baht seized. Similarly, Mr. Kolasatnan, or Boss Peter, faced the confiscation of two cars and electronics worth over 12 million baht.

Other prominent figures also had assets seized, including Ms. Kanokthon Puranasukol, or Boss Mae Ying, with a Porsche and other valuables totaling 9.3 million baht.

 

The authorities state that the 220 million baht seized represents only part of the network's assets, as some suspects reportedly converted cash to digital currencies before the crackdown to complicate tracing efforts, reported Daily News.

 

TOP Picture courtesy: Daily News

 

-- 2024-10-17

 

 

[0ffshore360]

New cheap luxury wheels coming online for senior RTP connects?

 

[anchadian]

Police have taken 17 suspects in the #TheIconGroup case to the Criminal Court for detention and opposed their bail requests. As for its CEO 'Boss Paul', he will be sent for detention tomorrow

 

https://x.com/TNAMCOTEnglish/status/1846851175263732023

[ukrules]

What kind of a moron drives around with a Rolls Royce and the plate '555' whilst being a complete fraudster?

You'd think he would be keeping a low profile.

These morons must have no brains between them.

[oustaristocrats]

11 hours ago, webfact said:

 

Police seized 23 luxury cars valued at 220 million baht from the network associated with the "Big Boss of The Icon." The most significant seizure belonged to Boss Paul, totaling 61 million baht. Thai authorities believe there are more assets to uncover as the investigation continues, with suspects allegedly converting cash into digital currency to avoid detection.

 

Yesterday, police raided The Icon Group’s network, seizing assets from 18 suspects believed to have been obtained through illicit activities. Confiscated items included 23 luxury cars, 121 branded items, 39 electronic devices, and other valuables, totaling approximately 219.7 million baht.

 

Picture courtesy: Daily News

 

Key seizures included assets from Mr. Warathapol Waratyaworakul, known as Boss Paul, with luxury cars like a Benz S 500e, Bentley Flying Spur Hybrid, and Rolls-Royce, totaling over 61 million baht.

 

Ms. Panjarat Kanokrakthanaphorn, or Boss Pan, had two luxury cars worth 30 million baht seized. Similarly, Mr. Kolasatnan, or Boss Peter, faced the confiscation of two cars and electronics worth over 12 million baht.

 

Other prominent figures also had assets seized, including Ms. Kanokthon Puranasukol, or Boss Mae Ying, with a Porsche and other valuables totaling 9.3 million baht.

 

The authorities state that the 220 million baht seized represents only part of the network's assets, as some suspects reportedly converted cash to digital currencies before the crackdown to complicate tracing efforts, reported Daily News.

 

TOP Picture courtesy: Daily News

 

-- 2024-10-17

 

 

 

 

"converted cash to digital currencies before the crackdown to complicate tracing efforts"...

 

But how did they get the 220 million Baht in the first place, before being able to convert it ?  Or in other words, what was the business model of the Icon Group ? 

I don't read anything about this, was it legally earned, or not ?  By what kind of activity ?

 

[danfoss5000]

20 minutes ago, oustaristocrats said:

 

 

"converted cash to digital currencies before the crackdown to complicate tracing efforts"...

 

But how did they get the 220 million Baht in the first place, before being able to convert it ?  Or in other words, what was the business model of the Icon Group ? 

I don't read anything about this, was it legally earned, or not ?  By what kind of activity ?

 

Yeah I want in on this grift too

[hotchilli]

11 hours ago, webfact said:

Police seized 23 luxury cars valued at 220 million baht from the network associated with the "Big Boss of The Icon." The most significant seizure belonged to Boss Paul, totaling 61 million baht. Thai authorities believe there are more assets to uncover as the investigation continues, with suspects allegedly converting cash into digital currency to avoid detection

I sincerely hope these vehicles are publicly auctioned off and the assets returned to the victims, not bought under the table and garaged in influential peoples homes.

[hotchilli]

4 hours ago, ukrules said:

What kind of a moron drives around with a Rolls Royce and the plate '555' whilst being a complete fraudster?

A pi$$ taker who thinks they are above the law.

[ronster]

Looking at the photo and list of some of the cars I'm thinking the total of these cars has been undervalued for some reason.

I can't imagine the cost of the Rolls Royce , but I'm sure a McLaren is around 15-25 million depending on model and then start adding the Ferrari's .

[ronster]

4 hours ago, ukrules said:

What kind of a moron drives around with a Rolls Royce and the plate '555' whilst being a complete fraudster?

You'd think he would be keeping a low profile.

These morons must have no brains between them.

Hiding in plain sight 😄

[wombat]

I con.

It doesn't get more in your face than that.

[thaichiro]

Threaten them with years of REAL Thai prison time and you’ll see the funds come in. Sadly this rarely happens here.

[mfd101]

1 hour ago, oustaristocrats said:

But how did they get the 220 million Baht in the first place, before being able to convert it ?  Or in other words, what was the business model of the Icon Group ? 

I don't read anything about this, was it legally earned, or not ?  By what kind of activity ?

Yes. Who or what is 'The Icon'?

[TheFishman1]

Top cops will be driving them soon TT

[Iron Tongue]

5 hours ago, ukrules said:

What kind of a moron drives around with a Rolls Royce and the plate '555' whilst being a complete fraudster?

You'd think he would be keeping a low profile.

These morons must have no brains between them.

???

Do you not know how scammers & fraudsters behave?  They cover themselves in the trappings of (stolen) luxury in order to attract others into their schemes.  Everybody wants wealth and be seen hangin' with celebrities.  It is this material greed that causes people to not think clearly.

[Ironmike]

All the movement of wealth will be simple,, from the criminals to the other criminals wearing brown uniforms a few Bowes and a basket of crap and a trip to Dubai chop chop done.... 

[madmac1]

You have to admire the audacity of these people. They made it so clear right from the start what they were doing.

They called the company "iCon"!!!

As in I con people!!!

And has 555 registration on one of his car's just to rub it in.

[john donson]

free or very cheap supercars for the usual suspects soon in brown uniform, auctions where others are forbid to bid when the boss wants it cheap

[NaaKap]

3 hours ago, oustaristocrats said:

 

 

"converted cash to digital currencies before the crackdown to complicate tracing efforts"...

 

But how did they get the 220 million Baht in the first place, before being able to convert it ?  Or in other words, what was the business model of the Icon Group ? 

I don't read anything about this, was it legally earned, or not ?  By what kind of activity ?

 

Interested in the business model too.... Asking for a friend 😎 

[tomazbodner]

15 hours ago, webfact said:

 

Company is literally called I-CON, and has car with plate 555 and people still don't get it?

[lordgrinz]

Does Joe Ferrari, or his successor, have first bids?

[Bday Prang]

I guess this will keep the cops busy for a while,  Their absolute first priority will be to establish exactly how much money and assets are on the table, and that could take months if not longer. Only once that has been established will negotiations be able to begin in earnest,The actual legalities or otherwise are a secondary concern as indeed are the losses suffered by those who have been scammed

                      All that is needed now is another headline grabbing scandal to distract the attention from this, and the spoils can be quietly divvied up, will probably never hear what eventually happens to the scammers, I doubt any of them will serve significant jail time, but I'm inclined to think they are facing a financial hit

                       Looks like Christmas has arrived early for the new national police chief and his crew

                      

[lordgrinz]

31 minutes ago, NaaKap said:

Interested in the business model too.... Asking for a friend 😎 

 

[anchadian]

As expected:

 

Billions of Baht worth of crypto transactions took place just hours before the bank accounts of ‘The iCon Group’ were impounded by the authorities. Meanwhile 17 of the 18 so called ‘bosses’ have been imprisoned with 1 awaiting as he wants to give more ‘details’.

 

https://x.com/ThaiEnquirer/status/1847098588528365702

 

[Bday Prang]

23 minutes ago, tomazbodner said:

Company is literally called I-CON, and has car with plate 555 and people still don't get it?

            They don't get it because they don't want to get it.  The whole nation is full of greedy individuals who's love of money and idolisation of those who are perceived to have it, is rivalled only by their worship of celebrities. 

             The country is  full of gullible weak minded fools, its a scammers paradise.

             And don't forget how these pyramid / ponzi schemes work,  the majority of those crying that they have been scammed out of money, would have  only gone on to scam others below them in the pyramid. These schemes can be very lucrative for those at the top , and are always a complete disaster for all the others who join

later

              There was never any money to be made selling vitamins or any of that rubbish, the real money was made by getting other victims to sign up 

               Bearing in mind the money these scammers have made, the lifestyles they openly lead, and the famous celebrities involved  I 'm not quite sure how the media, police , and even the victims actually feel about all this.  Is it considered a positive to have been scammed by people who are rich and (now) famous?

Nothing would surprise me anymore 

 

[Bday Prang]

3 hours ago, thaichiro said:

Threaten them with years of REAL Thai prison time and you’ll see the funds come in. Sadly this rarely happens here.

I would imagine that happens all the time, almost without fail.   Would you honestly expect such matters to be discussed openly?

[crazykopite]

14 hours ago, anchadian said:

Police have taken 17 suspects in the #TheIconGroup case to the Criminal Court for detention and opposed their bail requests. As for its CEO 'Boss Paul', he will be sent for detention tomorrow

 

https://x.com/TNAMCOTEnglish/status/1846851175263732023

Maybe he can claim being seriously ill and end up In the police hospital ! What’s good for one is good for another 

[john smith]

Is this the group that runs Icon Siam in Bangkok?

[lordgrinz]

23 minutes ago, anchadian said:

As expected:

 

Billions of Baht worth of crypto transactions took place just hours before the bank accounts of ‘The iCon Group’ were impounded by the authorities. Meanwhile 17 of the 18 so called ‘bosses’ have been imprisoned with 1 awaiting as he wants to give more ‘details’.

 

https://x.com/ThaiEnquirer/status/1847098588528365702

 

 

Are those in any way traceable? I know the US government has had some success at clawing back some of these illegal crypto holdings. But I don't how they did it, or if the Thai government can get these back?

[Dan O]

16 hours ago, webfact said:

 

Police seized 23 luxury cars valued at 220 million baht from the network associated with the "Big Boss of The Icon." The most significant seizure belonged to Boss Paul, totaling 61 million baht. Thai authorities believe there are more assets to uncover as the investigation continues, with suspects allegedly converting cash into digital currency to avoid detection.

 

Yesterday, police raided The Icon Group’s network, seizing assets from 18 suspects believed to have been obtained through illicit activities. Confiscated items included 23 luxury cars, 121 branded items, 39 electronic devices, and other valuables, totaling approximately 219.7 million baht.

 

Picture courtesy: Daily News

 

Key seizures included assets from Mr. Warathapol Waratyaworakul, known as Boss Paul, with luxury cars like a Benz S 500e, Bentley Flying Spur Hybrid, and Rolls-Royce, totaling over 61 million baht.

 

Ms. Panjarat Kanokrakthanaphorn, or Boss Pan, had two luxury cars worth 30 million baht seized. Similarly, Mr. Kolasatnan, or Boss Peter, faced the confiscation of two cars and electronics worth over 12 million baht.

 

Other prominent figures also had assets seized, including Ms. Kanokthon Puranasukol, or Boss Mae Ying, with a Porsche and other valuables totaling 9.3 million baht.

 

The authorities state that the 220 million baht seized represents only part of the network's assets, as some suspects reportedly converted cash to digital currencies before the crackdown to complicate tracing efforts, reported Daily News.

 

TOP Picture courtesy: Daily News

 

-- 2024-10-17

 

 

Did they go after Boss Paul's watch collection?  As for the bitcoin assets and other finacials, maybe they should have siezed everything before they published that they were going after assets.