Thai police say 18 arrested as alleged pyramid scheme losses near $50 million

Published October 21, 2024 By admin with Comments 0

BANGKOK (Reuters) – Thai police have arrested 18 people and seized luxury goods after receiving nearly 5,600 complaints about an alleged pyramid scheme, saying on Monday they estimate investors have lost at least 1.61 billion baht ($48 million).

The Central Investigation Bureau (CIB) said it had seized assets worth 225 million baht, including 29 cars, three houses and luxury watches, from the alleged perpetrators, who have been charged with defrauding the public and violating the computer crimes act.

Police said the case involved the iCon Group, which recruited people to sell beauty products and health supplements, providing them training with the promise of quick profits.

The firm uses celebrity endorsements, and its social media has showcased their top distributors on European vacations.

So far 18 people, including three celebrities, have been arrested and denied bail, according to police, who said the investigation was ongoing.

Content retrieved from: https://www.thestar.com.my/news/world/2024/10/21/thai-police-say-18-arrested-as-alleged-pyramid-scheme-losses-near-50-million.