On December 20, the Department of Special Investigation (DSI) announced its decision to prosecute 18 executives of The ICON Group, including its key legal entity, for operating a pyramid scheme disguised as a direct-selling business. The investigation concluded that their business model prioritized recruiting members over genuine product sales, with most revenue generated through internal member purchases rather than sales to external consumers.

During a meeting chaired by Pol. Lt. Col. Yutthana Praedam, Director-General of DSI, the investigative team, comprising legal, financial, and technology experts as well as officials from state agencies such as the Anti-Money Laundering Office (AMLO) and the Revenue Department, reviewed evidence and testimonies. The evidence indicated sufficient grounds for charges including public fraud, violations under the Computer Crime Act, the Direct Selling and Direct Marketing Act, and the Loan Fraud Act.

The DSI will submit the case file, involving over 300,000 pages of evidence and detailing damages exceeding 1.6 billion THB from 7,875 victims, to the Office of the Attorney General on December 23. A separate case will address activities related to overseas victims, with preliminary findings identifying 10 affected individuals abroad.

Key Findings and Allegations:

  1. Fraudulent Business Model: Evidence showed the group's business operations focused on member recruitment rather than external product sales.
  2. Money Laundering: Investigations into financial transactions linked to high-ranking executives revealed questionable transfers, including millions received by associates of key defendants.
  3. International Impact: Victims outside Thailand were recruited and made payments while residing abroad, necessitating separate legal proceedings for international jurisdiction.

Pol. Lt. Col. Yutthana emphasized that all defense statements from the accused were thoroughly considered but failed to undermine the evidence. Further investigations into potential accomplices and new evidence may lead to additional charges.

Deputy Attorney-General Watcharin Panurat confirmed the prosecution plan, highlighting the possibility of future cases for crimes committed outside Thailand. He urged victims, particularly those abroad, to file complaints with the DSI to ensure justice is served comprehensively.