The Icon Group allegedly lured participants with low-cost online marketing courses, then sold health supplements and collected fees for recruiting new members. Some of the company's products reportedly lacked proper certification from Thailand's Food and Drug Administration. Victims claim they were unable to recover their investments and were pressured to recruit more investors.
Thai police have conducted searches at nine locations, including the Icon Group's offices, to gather evidence. The company's CEO, Warathep Waradyadcharakun, has denied fraud allegations, insisting the activities were legitimate sales operations. The scandal has also implicated celebrities, with three, including popular TV host and actor Kan Kantathavorn, being investigated for their involvement in promoting the scheme.
The case has sparked widespread concern in Thailand, with initial investments ranging from 250,000 baht ($7,000) to several million baht per victim. As the investigation continues, the full extent of the fraud and its impact on investors across multiple countries remains to be determined.