A pyramid scheme fraud case has gripped Thailand after 18 people, including A-list stars, were arrested and assets worth 225 million baht (S$8.8mil) seized in connection with the case last week.
Top TV host Kan Kantathavorn, actor Sam Yuranunt Pamornmontri, and actress Peechaya Watanamamontree, better known as Min, had allegedly helped convince victims to join the pyramid scheme by The iCon Group, by enticing them to buying the company’s health and dietary supplements and making financial commitments.
More than 1,100 victims have filed online fraud allegations against the company for losses exceeding 400mil baht (S$15.7mil).
The 18 suspects, charged with defrauding the public and violating the computer crimes act, have been denied bail.
Actress Min, who served as iCon’s communications director, said she joined the company a year ago believing it was reputable.
The 35-year-old, who rose to fame after winning Miss Teen Thailand 2006, expressed regret for not thoroughly researching its background. She also apologised to those affected by the alleged fraud.
Host of popular music game show The Wall Song, Kan, 38, who, according to reports, was iCon’s chief marketing officer, was also arrested. Since then, several brands have cut ties with him.
The iCon Group, known for hiring celebrities to promote its products, has clarified that Kan as well as other stars, are not shareholders or executives but help with marketing.
Other celebrities who were implicated in the case like DJ Matoom, actors Pakorn “Boy” Chatborirak and Pong, have since distanced themselves from iCon.
Pong’s management company Channel One issued a statement clarifying that the actor had only endorsed one product for the company and had no involvement in its sales or strategies.
Pong expressed that he has always been cautious about the products he endorses.
He said, “I am saddened and regretful about this situation, and I am deeply concerned for the victims. I will fully cooperate with the investigation and provide all the information I know.”