In recent news, the iCon Group, a Thai direct sales company, has found itself at the center of a major scandal involving fraudulent investment practices. The company’s president, Varataphan, along with 11 other senior officials, has been arrested by police on charges of fraud.

The iCon Group operates on a pyramid-style direct sales model, where individuals are required to invest their own money to purchase beauty and health products. The company assures its participants that these products are easy to sell. However, when sales lag, participants are pressured to recruit more new members, thereby generating commissions from their investments. Some victims have reported that rather than teaching them how to sell products, their mentors consistently pushed them to find more recruits.

This scandal has gained significant attention in Thai society, particularly since multiple Thai celebrities have endorsed iCon Group. Many victims, swayed by these endorsements, continued to invest their money, leading some to devastating financial losses that have pushed them to the brink of despair.

Notable figures who have previously endorsed the company include renowned Thai actors Pakorn Chatborirak and Krit Amnuaydechkorn, as well as popular host Kan Kantathavorn and actress Pechaya Wattanamontree.

The scandal came to light during a talk show on Channel 3, where the situation quickly escalated. Victims span not only Thailand but also Cambodia, Myanmar, and Japan. Thailand’s newly appointed police chief, Chitila, is on high alert, and Prime Minister Prayuth Chan-o-cha has ordered all relevant authorities to take decisive action.

According to reports, nearly 1,100 victims have filed complaints, with total losses amounting to approximately 400 million Thai Baht (about $12.05 million).

After several days of investigation, arrest warrants were issued for Varataphan and 17 others, leading to their apprehension on fraud charges. The arrested officials, often referred to as “Boss” within the group, are now facing legal repercussions, and police continue to pursue six additional suspects.