5,600 People Accuse iCon Group of 1.6 Billion Baht Scam

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Picture courtesy: MGR online

 

In a stunning turn of events, 5,600 individuals have lodged formal complaints, alleging losses of 1.6 billion baht linked to their dealings with The iCon Group's direct sales business.

 

This growing scandal is now under the microscope of Thai authorities who are preparing to level money laundering charges against those involved.

 

Complaints began surfacing between October 10th and 20th as people from across the nation, and even from overseas, came forward. So far, police have interviewed 2,822 individuals who claim a collective loss of approximately 965 million baht through investments in The iCon Group's dietary supplements.

 

Police plan to implement additional charges against 18 suspects at The iCon Group, including allegations of money laundering, fraudulent borrowing, and unlawful assembly. Investigators hope to wrap up this aspect of the case by the end of the week. Furthermore, more arrests are on the horizon, including those of larger dealers overseeing smaller networks.

Initially, accusations against The iCon Group involved public fraud and computer-related crimes for falsely presenting information. Many franchisees, having paid hefty sums for dealership rights, complain they were unable to move products as promised by the company during training sessions.

 

Adding to the pressure, Thailand Consumer Protection Police Division has seized four vehicles tied to The iCon Group, including luxury Lexuses and a Toyota van.

 

Among the claimants was a 70-year-old man from Macau, who attended a training session in Thailand last year. He invested 250,000 baht, attracted by a Thai acquaintance from Hong Kong who had his own stakes in the business. Now, rattled by emerging revelations, he too has filed his grievance in Bangkok.

 

With each new complaint, the web surrounding The iCon Group grows more tangled, casting a shadow over the direct sales industry in Thailand, reported Bangkok Post.

 

-- 2024-10-21