iCon ‘pyramid scheme’ damages exceed B118 million

CEO pledges to collaborate with research, sets up ‘ comfort center’ for patients

A large billboard in Bangkok displays celebrities promoting the products of The iCon Group. From left: Pakorn “Boy” Chatborirak, Pechaya “Min” Wattanamontree, Kan “Fluke” Kantathavorn, Yuranunt “Sam” Pamornmontri and Pakorn “Dome” Lam. (Photo: The iCon Group)
Celebrities are portrayed on a huge poster in Bangkok promoting The logo Group products. From left: Pakorn” Boy” Chatborirak, Pechaya” Min” Wattanamontree, Kan” Fluke” Kantathavorn, Yuranunt” Sam” Pamornmontri and Pakorn” Dome” Lam. ( Photo: The iCon Group )

Problems related to The image Group’s reported pyramid scheme, which involves high-profile stars, have surpassed 118 million ringgit as more than 300 victims have come forth.

Police said on Saturday that they had thus far gathered 306 statements from people who had been persuaded to fund the scheme, which was led by the well-known website business promoter.

The injury measure has increased to 118 million baht since the investigation began on Thursday, said Pol Col Uthane Nuipin, a deputy police official.

In reply, Waratphon” Boss Paul” Waratvorakul, the 41-year-old chairman and chief executive officer of The image Group, announced on Instagram the creation of a pleasure center for affected individuals.

The article outlined the company’s commitment to social responsibility while laying out how it would cooperate with legal proceedings and collect important evidence.

The organization is pursuing discussions about the direction of its help with people who are trusted by society, he wrote, adding that” this creation is to provide assistance and show our social responsibility.”

The Food and Drug Administration ( FDA ) reported that it had inspected 14 products that the company had marketed. It found that one supplement, Boom D-Nax ( 10 Multivitamins ), was not registered in its database, raising further concerns about the company’s practices.

The Democrat Party MP-turned-activist Tankhun Jitt-itsara and prominent lawyer Sittra Biabungkerd filed a complaint with the Consumer Protection Police Division ( CPPD ) on Friday against the five prominent celebrities who work for the iCon Group. They are accused of money laundering, defrauding, entering false information into a computer program, and obtaining funding through deception.

People were drawn to enroll in online advertising programs that cost less than 100 rmb, and they were then asked to put more money into products to sell. Additionally, people had to give to attend events with famous participants.

One victim reported to reporters this week that she was also being asked to pay for social media ads to inspire others to use to be dealers or customers. She would then get costs for recruiting them, she said.

Despite having just 15 products for sale, an investigation revealed that The symbol Group’s annual revenue exceeded 5 billion baht. Authorities are now looking into whether the company’s sales correspond to its reported profits and whether the goods were made available for purchase.