PRESS RELEASE:
Prime Minister Paetongtarn Shinawatra has assured the public that the investigation into “The iCon Group” case will proceed without delay now that it has been transferred to the Department of Special Investigation (DSI). Addressing concerns about possible delays and the early release of suspects, Paetongtarn stated that the DSI and Royal Thai Police (RTP) are collaborating closely to ensure smooth progress, with the RTP having already provided all essential information to the DSI.
The Consumer Protection Police Division (CPPD) handed over more than 92,000 pages of documentation to the DSI on Monday (Oct 28) to determine whether the case qualifies for special investigation. With the case officially accepted the next day, the DSI is now working alongside the Office of the Attorney General, which provides financial and tax experts to assist in analyzing complex financial trials and tax records.
Citing the Emergency Decree on Borrowings Which Are Regarded as Public Cheating and Fraud BE 2527 (1984), Central Investigation Bureau (CIB) Deputy Commissioner Pol Maj Gen Suwat Saengnum confirmed that the transfer to DSI jurisdiction is in line with legal requirements. The case has amassed substantial evidence indicating widespread investor losses, with over 8,000 victims and damages exceeding 100 million baht, meeting the criteria for a special case.
Attorney Withoon Keng-ngarn, representing 11 of the 18 suspects, including The iCon Group CEO Warathaphon Waratyaworrakul, said bail requests for 15 suspects will be considered next week, while arrangements for the remaining three are still pending. He claims that The iCon Group operated as a legitimate indirect-selling network, rejecting accusations of it being a Ponzi scheme, though the CIB has identified the company as potentially fraudulent.
The preceding is a press release from the Thai Government PR Department.
