PUBLISHED : 30 Oct 2024 at 04:34
Prime Minister Paetongtarn Shinawatra reassured the public that the case concerning The iCon Group will proceed without delay now it has been transferred to the Department of Special Investigation (DSI).
Concerns have surfaced regarding the possibility of delays and the early release of suspects, but Ms Paetongtarn said the DSI and the Royal Thai Police (RTP) are in continuous collaboration.
She noted that the police have already provided all the necessary information about the case to the DSI, making delays unlikely.
When asked if she could buoy the public’s confidence in the case proceeding at full speed, the prime minister simply replied, “Yes. Yes.”
The Consumer Protection Police Division (CPPD) reportedly handed over more than 92,000 pages of related documentation to the DSI on Monday to determine if the case meets the criteria for a special investigation.
The DSI accepted the case on Tuesday and is now coordinating with the Office of the Attorney General to have financial and tax experts support the investigation, especially to analyse complex financial trials and tax records.
Regarding the transfer of the case to the DSI, Central Investigation Bureau (CIB) deputy commissioner Pol Maj Gen Suwat Saengnum said the move was in line with the Emergency Decree on Borrowings Which Are Regarded as Public Cheating and Fraud BE 2527 (1984).
He said police have amassed considerable evidence indicating widespread investor losses, fitting the legal definition of a special case due to the high number of victims (over 8,000) and damages exceeding 100 million baht.
Attorney Withoon Keng-ngarn, who represents 11 of the 18 suspects (referred to as “bosses” of The iCon Group), including its CEO Warathaphon “Boss Paul” Waratyaworrakul, said bail requests for 15 will be considered next week, but bail for the other three has not yet been arranged.
He said The iCon Group operated under legitimate business practices and was not a Ponzi scheme, saying it functioned as a legitimate indirect-selling network with clear data about its operations. The CIB has flagged it as a potential Ponzi scheme.