Thai police have just exposed a pyramid scheme ring containing 18 people, among which includes 3 famous Thai celebrities.
The pyramid scheme was luring victims to buy health and dietary supplements products and signing up for their sales training courses.
3 Thai celebrities exposed in Pyramid schemes
The company's founder and CEO, Warathaphon "Boss Paul" Waratyaworrakul, was detained on Wednesday along with a Thai actress Min Pechaya, TV host Kan Kantathavorn and actor Yuranunt Pamornmontri for fraud charges.
Before their arrest, the three were interrogated for over five hours. The investigation shows that all had roles within the ICon Group. Min, for example, serves as the company's communications director.
On Oct 12, Min held a press conference where she explained that she joined the company a year ago, believing it was reputable. In the press conference, she also expressed regret for not thoroughly researching the company's background; she also apologized to those impacted by the alleged fraud and assured that she had already cut ties with the company.
Authorities said they had frozen 125 million baht (US$3.8 million) held in the bank accounts of the company's four executives and confiscated luxury vehicles, including Porsches and Ford Mustangs.
Luring victims deeper and deeper into their rabbit hole
The arrest followed after 1000 fraud complaints was filed against the ICon Group, which victims have claimed had enticed them into purchasing products and making financial investments.
The company allegedly lured its victims by offering cheap online sales courses.
Once enrolled, it coerced them into making further purchases and financial commitments ranging from 2,500 baht to 250,000 baht which was used to advertise for new recruits.
Some of the victims – who ranged from low-income workers to a high-earning footballer – had paid more than 600,000 baht to the company, according to local media. Police are yet to tally the total amount swindled.
Police were looking into bank accounts and cash transfers linked to the suspects to find out if any more people were involved, Thailand's police chief Kitrat Phanphet told reporters.
Expanding into Laos, Myanmar, Cambodia and Japan
But it seems that this pyramid scheme extends its reach outside of Thailand. Police has found hundreds of victims of the pyramid schemes who came from neighbouring countries like Laos,Muanmar, Cambodia and Japan.
The company shared photos and video clips of ICon Group chief executive officer Warathaphon "Boss Paul" launching his business in Laos a few years ago.
The event was grandly held with leading Thai entertainers appearing onstage to guarantee the credibility of the firm.
ICon Group has reportedly recruited more than 1,000 members in Laos, including entertainers and celebrities from the country.
ICon group's chief executive denies all allegations
Warathaphon Waratyarorrakul, the chief executive of the Icon Group along with his lawyer appear before investigators at the Central Investigation Bureau on Saturday, where he pledged his innocence against the fraudulent claims that were lodged against him.
Warathaphon expressed deep sadness and regret after hearing about the victims, including reports of suicide.
He stated that he is willing to cooperate with the authorities and also promised to support and compensate those affected. For those who have suffered financial losses or deaths, he would seek an impartial mediator to help resolve the issues and provide justice for the victims.
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