Arrest Warrants for The Icon Group Executives and Celebrities Imminent
Within the next 48 hours, arrest warrants are expected to be issued for The Icon Group executives and celebrities suspected of involvement in illegal activities related to their direct sales business. Deputy police spokesperson Colonel Uthen Nuiphin confirmed that investigations are progressing swiftly, and bank account records of over 120 accounts linked to The Icon Group, including those of celebrities and downline members, have already been submitted to the Anti-Money Laundering Office (AMLO) for further scrutiny.
The investigation follows a raid carried out at a warehouse owned by The Icon Group, led by the Consumer Protection Division (CPD) and the Office of the Consumer Protection Board (OCPB). During the raid, it was revealed that despite only offering 15 products, the company reported annual revenues exceeding five billion baht in some years. Authorities are working to determine whether these business activities complied with OCPB regulations or if they were part of a fraudulent investment scheme.
Colonel Nuiphin noted that investigators are focusing on financial traces from more than 120 bank accounts linked to the group, including those belonging to celebrities, executives, and downline members, to determine if any money laundering activities are involved. The police are working around the clock to gather evidence and ensure that arrest warrants are issued within the 48-hour timeframe.
When asked if a summons would be issued first, Colonel Nuiphin clarified that the offenses under investigation carry penalties of more than three years in prison, which justifies the immediate issuance of arrest warrants. Those implicated in the case could include company executives and celebrities who have violated regulations under the Royal Decree on Loan Frauds, which also constitutes a predicate offense for money laundering under the Computer Crime Act.
The assets of The Icon Group, including large properties and other valuable items, are being evaluated for seizure and redistribution to compensate the victims. Since most of these assets are immovable, authorities can secure them to ensure affected individuals receive due compensation. AMLO is leading the process of asset distribution.
The investigation has also focused on clarifying the distinction between legitimate direct sales and illegal pyramid schemes. Direct sales involve direct transactions with consumers, while market sales are conducted through various platforms without direct door-to-door sales. Both types of businesses can comply with OCPB regulations, but it is crucial to differentiate them from fraudulent schemes aimed at soliciting investments without providing real products.
Recently, efforts have been made to gather complaints from affected individuals, with the goal of exceeding 200 complainants to qualify for a special investigation by the Department of Special Investigation (DSI). As of today, 161 victims have reported damages totaling over 62 million baht, and it is expected that the number of complainants will soon surpass 200.
Victims can continue to file complaints at the Consumer Protection Police Division 24/7, including weekends. The police, in collaboration with CPD, OCPB, DSI, and the Ministry of Finance’s Economic Crime Office, as well as AMLO, are working together to ensure a thorough investigation and accountability in this case.
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