DSI’s case against iCon Group execs ready for prosecution

The Department of Special Investigation (DSI) resolved on Friday to press charges on four counts against the 18 executives of the iCon Group and one legal entity.

The case, which is centred on allegations of fraud and Ponzi scheme violations, will be submitted to the Special Case Prosecutor’s Office on Monday. 

DSI director-general Pol Maj Yutthana Praedam said that the investigation team had reached its decision after examining over 300,000 documents and testimony from 50 witnesses, including group members. The charges include fraud, violation of the Decree on Ponzi Schemes, the Direct Sales and Direct Marketing Act and the Computer Crimes Act. 

Watcharin Panurat, deputy director-general of the Office of the Attorney General (OAG)’s Criminal Litigation Division, said the case will be divided into two parts. The first will involve filing charges against the 18 suspects for crimes committed against more than 7,000 victims within Thailand.

The second part involves victims outside Thailand, which requires further investigation before submission to the OAG. 

The DSI contends that there is enough evidence to prove that the 18 iCon Group executives focused primarily on recruiting members for business ventures rather than selling products, a hallmark of Ponzi schemes. 

Meanwhile, Withoon Kengngan, the lawyer for the group’s CEO Waratphol Waratvorakul, criticised the DSI for not being able to present clear evidence of wrongdoing from the very beginning. He said that for a fair trial, strong evidence should have been presented from the outset and this would have been crucial in fighting the case. 

He added that he and his team would continue fighting the charges, and emphasised that they had sufficient evidence to support their case. 

As for money laundering charges linking Waratphol to former Palang Pracharath Party member Samart Jenchaijitwanich, he said he was unconcerned and believes that the focus should remain on the main case for now.