iCon Group Fraud: 2,170 Victims Report 841 Million Baht in Losses

[webfact]

 

In the ongoing iCon Group case, a total of 2,170 victims have filed complaints over nine days, with reported damages exceeding 841 million Baht. Authorities have seized assets worth B210 million, including 24 vehicles, 51 luxury watches, branded bags, and cash.

 

On 18th October, Deputy Commissioner of the Central Investigation Bureau, Pol. Maj. Gen. Sopon Sarapat, announced that the police are continuing to collect evidence. Investigators are coordinating with economic crime specialists to trace digital assets involved in the fraud.

The Deputy Commissioner mentioned that charges could be expanded depending on further evidence, and assets are being thoroughly investigated. Some items have been moved, potentially leading to money laundering charges. Additionally, authorities are examining any use of nominees pretending to be victims.

 

If the case qualifies as a special investigation, it may be transferred to the Department of Special Investigation (DSI). Currently, no money laundering charges have been brought against the 18 suspects, but investigations are ongoing with the involvement of the Attorney General’s Office and the Food and Drug Administration.

 

Investigations also continue into bribery allegations linked to politicians, overseen by Pol. Maj. Gen. Jaroonkiat Pankaew. Further updates are expected, reported Siam Rath.

 

Picture courtesy: Siam Rath

 

-- 2024-10-19

 

 

[BangkokReady]

Does anyone know what they actually did?  Is it a Ponzi scheme type of thing?

 

You keep hearing about people losing a load of money through investment scams, is this one of those?

[redwood1]

Someone would love to get the E-mail list of these people.....I know a Nigerian Prince with millions of dollars that he has been trying to give away, these sound like just the people....

[hotchilli]

8 hours ago, webfact said:

In the ongoing iCon Group case, a total of 2,170 victims have filed complaints over nine days, with reported damages exceeding 841 million Baht. Authorities have seized assets worth B210 million, including 24 vehicles, 51 luxury watches, branded bags, and cash

Lot of funds yet to be traced... much of it spent already on luxury living

[OneZero]

4 hours ago, BangkokReady said:

Does anyone know what they actually did?  Is it a Ponzi scheme type of thing?

 

You keep hearing about people losing a load of money through investment scams, is this one of those?

A business like AMWAY - getting individuals to buy & resell items that are too expensive to succeed.

I would call that a Ponzi scheme, perhaps others would not.

Victim Reveals Psychological Tactics Behind The Icon Groups Alleged Thai Investment Scheme - The Pattaya News

 

[harryviking]

ICon....LOL! Should be IconU! "I con you"! The fraud was already in the name!

[RamblingOn]

5 hours ago, BangkokReady said:

Does anyone know what they actually did?  Is it a Ponzi scheme type of thing?

 

You keep hearing about people losing a load of money through investment scams, is this one of those?

Does not sound like BangkokReady??!!

[chickenslegs]

5 hours ago, BangkokReady said:

Does anyone know what they actually did?  Is it a Ponzi scheme type of thing?

 

You keep hearing about people losing a load of money through investment scams, is this one of those?

It's explained in this article ...

https://www.khaosodenglish.com/news/crimecourtscalamity/crime-crime/2024/10/14/the-icon-group-scandal-echoes-past-frauds-as-thai-celebs-face-backlash/

[oustaristocrats]

11 hours ago, webfact said:

 

In the ongoing iCon Group case, a total of 2,170 victims have filed complaints over nine days, with reported damages exceeding 841 million Baht. Authorities have seized assets worth B210 million, including 24 vehicles, 51 luxury watches, branded bags, and cash.

 

On 18th October, Deputy Commissioner of the Central Investigation Bureau, Pol. Maj. Gen. Sopon Sarapat, announced that the police are continuing to collect evidence. Investigators are coordinating with economic crime specialists to trace digital assets involved in the fraud.

 

The Deputy Commissioner mentioned that charges could be expanded depending on further evidence, and assets are being thoroughly investigated. Some items have been moved, potentially leading to money laundering charges. Additionally, authorities are examining any use of nominees pretending to be victims.

 

If the case qualifies as a special investigation, it may be transferred to the Department of Special Investigation (DSI). Currently, no money laundering charges have been brought against the 18 suspects, but investigations are ongoing with the involvement of the Attorney General’s Office and the Food and Drug Administration.

 

Investigations also continue into bribery allegations linked to politicians, overseen by Pol. Maj. Gen. Jaroonkiat Pankaew. Further updates are expected, reported Siam Rath.

 

Picture courtesy: Siam Rath

 

-- 2024-10-19

 

 

 

 

This is the root cause of all this trouble. So if people are to weak to protect themselves, ban all these influencers from media, don't call them celebrities, because they are just thugs. 

Introduce lessons on schools, posters, billboards, ban FB IG TikTok ads.

 

[john donson]

Iconyoudumfu , new company... wanna invest?

[Photoguy21]

7 hours ago, redwood1 said:

Someone would love to get the E-mail list of these people.....I know a Nigerian Prince with millions of dollars that he has been trying to give away, these sound like just the people....

We all know him. Trouble is he is hard to locate.

[Photoguy21]

2 hours ago, chickenslegs said:

It's explained in this article ...

https://www.khaosodenglish.com/news/crimecourtscalamity/crime-crime/2024/10/14/the-icon-group-scandal-echoes-past-frauds-as-thai-celebs-face-backlash/

Nothing new just a pity people believe there are actual get rich schemes. 

[sscc]

Ponzi Scheme is scam of investing with "guaranteed" extra high return -- like 40% profit annually.   Eventually the management did a runner at some stage. 

 

AMWAY model has been Multi-Level Marketing in selling goods.   That was how AMWAY making a fortunate in 1970/80/90.    I don't know how AMWAY is operating nowadays.  The products that AMWAY was promoting in those days was basic household stuff such as soaps, detergents etc. 

 Is AMWAY operation illegal  ? 

   

From what was reported,  ICON sounds like a "fine-tuned and upgraded" version of multi-level marketing scheme.      Intense advertisement with Celebrity star factors were introduced. 

 

2170 victims,  841 Million Baht loss.   

On average :  0.4 million / 400,000 Baht loss for each fool  reported.  Extraordinary high figure.