BANGKOK (AFP) – Thai police have arrested 18 people, including three celebrities, and seized luxury sports cars and millions of dollars in connection with a pyramid scheme selling health and dietary supplements, officers said yesterday.
The arrests came after more than 1,000 people filed online fraud allegations against The iCon Group, a company they said had lured them into buying products and making financial commitments.
The company’s founder and Chief Executive Officer, Warathaphon “Boss Paul” Waratyaworrakul, was detained on Wednesday along with a top TV host and an actress who had allegedly helped convince victims to join the scheme.
Authorities said they had frozen THB125 million (USD3.8 million) held in the bank accounts of the company’s four executives and confiscated luxury vehicles including Porsches and Ford Mustangs.
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.
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 THB2,500 to THB250,000 (USD7,500) 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 THB600,000 to the company, according to media. Police are yet to tally the total amount swindled.
