National —
On October 16th, 2024, Thai national media reported a major breakthrough in the investigation into The Icon Group, a large direct-sales company led by CEO Warathaphon “Boss Paul” Waratyaworrakul.
Thai authorities issued arrest warrants for Boss Paul and 17 other executive “Bosses” for their alleged involvement in the large-scale pyramid scheme. The police raided Boss Paul’s residence and arrested several high-profile figures, including celebrity endorsers Boss Sam, Boss Kan, and Boss Min, who also held executive positions within the company.
The arrests were part of an ongoing crackdown, with police seizing luxury cars and other valuable assets linked to the accused.
According to Thai national media, The Icon Group, which reported revenues exceeding 10 billion baht between 2019 and 2023, is under fire for fraudulently recruiting investors with promises of significant returns.
The company’s scheme allowed individuals to invest at various levels, ranging from 2,500 baht for small distributors to 250,000 baht for larger dealers. However, the focus was more on recruiting new members rather than selling actual products, leading to accusations that the business was a pyramid scheme. Boss Paul has maintained the group’s legitimacy, stating that the company sells real products and has valid customer orders, according to Thai national media.
As of October 17th, over 1,300 victims have come forward, with financial damages reaching billions of baht. The investigation also sparked interest due to an alleged connection between Boss Paul and a politician, which surfaced in leaked audio recordings, reported Thai national media.
Thai media has been intensely focused on this case, as it involves famous figures and raises concerns about potential political ties.
Pol. Gen. Kitrat Phanphet, the National Police Chief, stated that the investigation is progressing well and that all involved will be held accountable. He also mentioned that the case could be transferred to the Department of Special Investigation (DSI) due to its scale and complexity, with the focus now on tracking the financial flows and gathering additional evidence.
Read about The Icon Group Billboard being removed in South Pattaya amid major legal troubles.
