National —
On October 17th, 2024, Thai national media reported that multiple victims had come forward to file complaints against The Icon Group, with total damages estimated at over billions of baht.
Investigations are ongoing as police gather witness statements to proceed with legal action against the company’s executives and those involved. TPN covered all the details about The Icon Group here.
One of the victims (whose name was withheld by the media), a 40-year-old teacher from Chiang Mai, shared her experience of being lured into the scheme by a former student in 2021. Initially, she paid only 98 baht to join an online course under the “Boss Pun” network. Soon after, she was persuaded to invest further, spending 2,500 baht on her first order of vitamin C products which they claimed she could resell for much more.
As the pressure mounted, she took additional courses on ad targeting and was encouraged to invest more to become a platinum distributor, leading her to sink over 700,000 baht into the business. To fund the investment, she reportedly mortgaged her land, maxed out four credit cards, and even financed her car, hoping to profit from re-selling products like protein powder, vitamin C, and cocoa.
However, the products did not sell well, largely due to alleged fierce online price-cutting from the company itself. The company urged her to spend more on ads, specifically targeting elderly customers, which she found ethically wrong. Realizing the scheme’s unsustainable nature, she withdrew in 2023, but by then, the financial damage was done.
The teacher described how company executives used psychological tactics to pressure investors. In online group chats, team leaders would encourage members to invest more and constantly urged them to make deposits, claiming success was just within reach.
If anyone expressed doubt, they were encouraged to listen to motivational talks by the company’s leaders, designed to re-energize them and keep them on board, according to the victim.
With over a million baht in total losses, including loans and advertising costs, the victim found herself overwhelmed by debt. To manage her financial burden, she consolidated her loans into a single bank loan with lower interest rates, but still struggles with unsold stock—over ten boxes of products remain in her possession.
She also noted that the involvement of well-known celebrities as brand ambassadors gave the scheme a misleading sense of legitimacy, convincing many to invest.
Reflecting on her experience, the teacher acknowledged that her decisions had deeply affected her family, almost leading to significant personal issues. Ultimately, her husband encouraged her to report the case to authorities, hoping her voice would warn others still caught in the scheme.
