Rented room used to hide valuable assets of iCon Group CEO

Department officials confiscated 19 luxury watches, amulets, gold necklaces, shoes and brand-name bags from a rented room in Soi Ramintra 9 of Bangkok’s Bang Khen district. Two of the timepieces, Richard Mille Swiss luxury models, are valued at more than 33 million baht.

DSI deputy director-general Pol Capt Wissanu Chimtrakul said the department’s raid came after locals informed them that Waranthaphon’s supercar was spotted outside the building.

One of the iCon Group’s executives, Thanarot “Boss Off” Thitijariyawat, signed a contract and paid for the rented room the day after Waranthaphon was put under observation, he explained. Boxes containing assets were left in the room on October 1 and there had been no comings or goings since.

“It is clear that this rented room was rented for hiding assets, not for living,” he pointed out, adding that DSI will examine all confiscated assets before holding a conference on the investigation on Thursday (October 24).

Police arrested the CEO and 17 other executives last week and charged them with deceiving people into investing in the company’s alleged pyramid scheme.

The Central Investigation Bureau (CIB) has received complaints from more than 6,000 people who said they had been scammed by the direct sales company, with total claimed damages of more than 200 million baht.