The iCon Group became the subject of significant attention after several victims filed complaints against the company. The estimated damage is over 2.4 billion baht, and the Police Central Investigation Bureau has issued arrest warrants for the iCon Group on charges of committing public fraud and inputting false information into a computer system.
The iCon Group is also accused of being a pyramid scheme since it recruits new members instead of selling products and services. The main reason iCon Group has gotten so much attention is because three celebrities -- TV host Kan Kantathavorn, Peechaya "Min" Wattanamontree and Yuranunt "Sam" Pamornmontri -- were hired as product presenters and received huge payments. Some victims claimed they invested in iCon because they were fans of the celebrities and believed in them.
From the first case, Share Mae Chamoy in 1989, there have been many pyramid and Ponzi schemes in Thailand. To educate people about these schemes so that they can avoid being scammed, the Office of Innovations and Social Missions at Kasetsart University organised a forum titled "Modern-day Pyramid Schemes: Why Do People Still Fall Victim?". Lertsak Raktham, director of the Office of Consumer Protection Board (OCPB)'s Legal Execution Division, pointed out that many people fall for Ponzi schemes because scammers claim they can provide quick returns from short-term investments.
"If someone promises you a 100 baht return on your 1,000 baht investment in just one week, yo.