17-10-2024 (BANGKOK) Warathaphon “Boss Paul” Waratyaworrakul, the CEO of iCon Group, was apprehended on Wednesday at the Consumers Protection Board headquarters in Bangkok’s Lak Si district. This arrest marks a pivotal moment in the unfolding investigation into what authorities believe to be an extensive pyramid scheme that has ensnared hundreds of unsuspecting victims.
Waratyaworrakul is one of 18 iCon Group executives facing charges of fraud and disseminating false information through computer systems. The scale of the operation became apparent as 12 of these executives, including the CEO, were escorted to the Central Investigation Bureau for intense questioning.
Among those detained were several high-profile figures within the company, known by their nicknames: “Boss Ton”, “Boss Mor Ek”, “Boss Suay”, “Boss Soda”, “Boss Pop”, “Boss Ohm”, “Boss Win”, “Boss Sam”, “Boss Min”, “Boss Oil”, and “Boss Op”. Their arrests paint a picture of a deeply entrenched network of alleged fraudsters operating at the highest levels of the organisation.
As the drama unfolded in Bangkok, law enforcement officials were simultaneously conducting raids on Waratyaworrakul’s residence and company offices, searching for additional evidence to support their case. The urgency of these actions underscores the gravity of the accusations and the determination of authorities to unravel the full extent of the scheme.
The iCon Group’s operations came under scrutiny last week when a flood of complaints reached police stations across the country. Victims reported being lured into substantial investments, purchasing products they were assured would be quickly resold. When these promises failed to materialise, many found themselves pressured to recruit new dealers, perpetuating the cycle of deception.
This case has raised serious questions about consumer protection and financial regulation in Thailand. The sheer number of affected individuals and the sophisticated nature of the alleged scam have highlighted potential vulnerabilities in the current system designed to safeguard investors and consumers.
As investigations continue, six executives remain at large, including figures known as “Boss Kan”, “Boss Tommy”, “Boss Oommy”, “Boss Mae Ying”, and “Boss Peter”. Their fugitive status adds another layer of complexity to an already intricate case, with authorities likely to intensify their efforts to locate and apprehend these individuals.
