2025-01-10
The extensive legal scandal surrounding the company The icon continues to provoke strong reactions in Thailand. The Thai Public Prosecutor's Office has now confirmed that 16 people are being charged with fraud linked to the company, while two profiled people, Sam Yuranan and My Pichaya, acquitted for lack of evidence.
Fact: The Icon scam
- What is The Icon? A company that marketed itself as a successful direct sales platform.
- What happened? Authorities accuse the company of running a pyramid scheme in which investors were tricked into buying products and recruiting new members instead of generating real sales revenue.
- How much money is involved? Total losses are estimated at over 2,9 billion baht and least 9 people has reported as a victim.
- How were people deceived? Through aggressive marketing and promises of high returns on investment in product packages, while recruiting new members was rewarded over actual product sales.
- Who are the suspects? Among the defendants are several high-ranking business leaders and well-known profiles in the Thai media.
- Legal action: Business leaders and high-ranking individuals, including celebrities, have been arrested and authorities have seized assets worth 210 million baht.
Prosecution and continued investigation
According to the prosecutor's statement, there is sufficient evidence to prosecute the majority of the suspects, but they believe that the evidence against Sam and Min is not enough for a conviction.
Now the decision lies with Department of Special Investigation (DSI), which has 30 days to review the decision and decide whether to appeal the acquittal of Sam and Min. If DSI chooses to pursue the case further, it can be sent to the Supreme Prosecutor's Office for reconsideration.
Large number of affected investors
The case involves thousands of investors who are suspected of being defrauded in what authorities describe as a pyramid scheme. Victims are now being asked to register with the Anti-Money Laundering Office (AMLO) to possibly recover some of their lost money. The last date for the application is February 17 2025.
Several victims have expressed their frustration with the process. "We don't necessarily want to see anyone in jail, but we want our money back," said one of the interviewed investors in a comment to Thai media.
What happens now?
The 16 defendants now face a legal process that could take years to complete. If convicted, they risk long prison sentences and large claims for damages. Meanwhile, Sam Yuranan and Min Pichaya are awaiting word on whether DSI will challenge their acquittal or let the decision stand.
Legal experts stress that the legal process still has several steps to go. The DSI's decision within the next few weeks may determine whether Sam and Min are finally acquitted or whether they are brought to trial together with the other suspects.
Text: The editorial staff
Image license: geralt, Pixabay, original image