At least 18 senior figures from The iCon Group, a direct sales business accused of running a Ponzi scheme, were arrested in Bangkok on October 16, 2024. The group, which includes high-profile individuals like Waratphon Waratthawarakun (known as Boss Paul) and several celebrities, has been at the center of a media storm since the accusations surfaced earlier in October.
The iCon Group allegedly defrauded thousands of investors, luring them with promises of high returns. Victims have come forward in droves, with over 1,000 complaints filed with the Consumer Protection Police Division, and damages now exceeding 400 million baht. The TV show “Ride the Waves” on Channel 3 has been instrumental in exposing the group’s activities, featuring stories from victims who lost everything and, in some tragic cases, even led to suicides.
The scandal has extended beyond the direct sales group, implicating government officials and celebrities. A leaked audio recording revealed payments to certain officials, prompting the government to launch an investigation. On October 16, Deputy Prime Minister Prasert Chantararuangthong formed a fact-finding committee to ensure transparency in the case. This seven-member committee began its work on October 17 and is expected to report its findings within 30 days.
Authorities also discovered that Thananon Hiranchaiyawan, one of the arrested bosses, falsely claimed to be a doctor, performing fake medical check-ups as part of the group’s fraudulent operations. On the same day, officials raided the Di Icon Wellness Medical Clinic in Bangkok’s Ram Intra area, linked to The iCon Group, and collected evidence.
Further investigations led to the seizure of more assets, including three plots of land valued at hundreds of millions of baht in Pathum Thani, which had been purchased to expand “The iCon City.” The Anti-Money Laundering Office (AMLO) is now involved, with the group’s assets frozen for 90 days.
The 18 suspects were taken into custody at the Crime Suppression Division headquarters, where they spent the night. As of October 16, bail had not been granted at the investigation level, with the court expected to decide the following day. With their assets frozen, many of the suspects may have to rely on family or associates to post bail.
