Online pyramid scheme in Thailand claims nearly 10,000 victims across 20 countries

Thai founder and chief executive officer of the iCon Group Warathaphon Waratyaworrakul is taken by police officers to the Criminal Court after an investigation in Bangkok Thailand 18 Oct 2024 EPA-Yonhap — Warathaphon Waratyaworrakul, the Thai founder and chief executive officer of ICon Group, is taken by police officers to the Criminal Court after an investigation in Bangkok, Thailand, Oct. 18, 2024. EPA-Yonhap

SEOUL, October 29 (AJP) - A massive online pyramid scheme operated by Icon Group in Thailand has defrauded 9,469 victims of 2.9 billion baht ($82 million) as of Saturday, with victims emerging from 20 countries including China, Myanmar, the United Arab Emirates, the United Kingdom, the United States and several European nations, the Bangkok Post reported Monday.

The company allegedly lured participants through online sales courses, pressuring them to bulk-purchase health supplements and recruit new members, while some products lacked proper FDA approval and many orders went unfulfilled.

Thai authorities have frozen Icon Group's assets and arrested 18 people, including CEO Waratthaporn Watanyuwarakkun and several celebrity promoters, as victims from various countries, including a Hong Kong-based Thai grocery store owner, report substantial losses from unsold inventory.

The scheme's collapse has left victims worldwide unable to sell hundreds of boxes of soon-to-expire products, with complaints filed from investors across Southeast Asia, the Middle East, North America, and Europe.

Candice Kim candicekim1121@ajupress.com

Online pyramid scheme in Thailand claims nearly 10,000 victims across 20 countries

Related