Transaction occurs ‘just before Boss Paul’s arrest’
The Anti-Money Laundering Office (Amlo) is investigating the money trail of about 241 million USDT, a cryptocurrency, worth more than 8 billion baht, suspected to be linked with the fraud involving The iCon Group.
Digital Economy and Society Minister Prasert Jantararuangtong said he has instructed Amlo to investigate the transfer of the cryptocurrency. “An initial inspection has found that hundreds of thousands of people were involved. An investigation will take some time,” said Mr Prasert, who oversees the Office of the Consumer Protection Board (OCPB).
He said a committee was also set up to investigate the scandal involving the iCon Group, and the panel is expected to report progress next week. The committee has been given 30 days to wrap up its report, Mr Prasert said, adding it is also working together with the Central Investigation Bureau.
Previously, Ekkapop Luangprasert, an adviser to the interior minister, asked the police’s Consumer Protection Police Division (CPPD) to look into a cryptocurrency transaction which occurred shortly before Warathaphon “Boss Paul” Waratyaworrakul, the founder and CEO of The iCon Group, was arrested.
Mr Ekkapop claimed there was evidence showing more than 8 billion baht being transferred to buy Ethereum, another cryptocurrency, one hour before the arrest. He wanted the police to investigate whether the transaction was linked to the iCon group’s founder.
Meanwhile, a group of 40 Thais and foreigners living abroad have accused The iCon Group of failing to deliver products they paid for, resulting in losses of 20 million baht, while the total number of complaints against the online business promoter is now approaching 3,000.
Itthidet Thanetwattana, a representative for the Thai and foreign victims, on Saturday arrived at the Central Investigation Bureau (CIB) in Bangkok to file a complaint with the Consumer Protection Police Division.
He brought documents that included receipts for purchases of iCon products, photos of shops that had ordered products for sale abroad, and pictures of victims having their photos taken with Mr Warathaphon.
Mr Itthidet said the 40 victims — 20 in Asia and 20 others in Europe — lost at least 20 million baht. They are living in China, Hong Kong, Macau, Italy, Germany, Canada, Estonia and Luxembourg. He said most of the people he represented did not want to be dealers in the firm’s business network, but only ordered products for sale. They transferred money to buy the products but none were delivered.
Most victims were housewives who often ordered products from Thailand to sell in the countries where they lived. They were attracted by the iCon advertisements on Facebook featuring its celebrity “bosses”, who inspired trust in the firm, said Mr Itthidet.
One Thai woman in Hong Kong transferred more than one million baht to buy cocoa powder, coffee and collagen products. Only some products were delivered. She tried to contact an agent, but the agent denied any responsibility, said Mr Itthidet. Many victims did not receive any products after transferring money.
He said Chinese and other foreign victims were worried about communication constraints, as well as travel expenses, that made it hard to follow up their complaints. They may authorise relatives or friends in Thailand to give their statements to police, said Mr Itthidet.
The total number of complainants against The iCon Group continues to rise. As of Saturday, a total of 2,910 people had filed complaints with police, who are probing claims the firm ran a pyramid scheme that has caused combined losses of 911 million baht.
Mr Warathaphon, 41, and 17 other suspects, including celebrities, were arrested on Wednesday on charges of public fraud and inputting false information into a computer system. They denied the charges.
Most did not apply for bail but the three who did apply were turned down. All 18 suspects have been remanded in custody.