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SEOUL, October 15 (AJP) – A multi-level advertising rip-off in Thailand, centered across the Icon Group, has reportedly affected over 740 victims with losses totaling 266 million baht (US$7.5 million). Based on the Bangkok Submit on Monday, the rip-off’s attain extends past Thailand, with victims rising in Japan, Cambodia, Laos and Myanmar, suggesting the dimensions of the fraud might proceed to develop.
The Icon Group allegedly lured individuals with low-cost on-line advertising programs, then bought well being dietary supplements and picked up charges for recruiting new members. Among the firm’s merchandise reportedly lacked correct certification from Thailand’s Meals and Drug Administration. Victims declare they had been unable to recuperate their investments and had been pressured to recruit extra buyers.
Thai police have carried out searches at 9 places, together with the Icon Group’s places of work, to collect proof. The corporate’s CEO, Warathep Waradyadcharakun, has denied fraud allegations, insisting the actions had been authentic gross sales operations. The scandal has additionally implicated celebrities, with three, together with widespread TV host and actor Kan Kantathavorn, being investigated for his or her involvement in selling the scheme.
The case has sparked widespread concern in Thailand, with preliminary investments starting from 250,000 baht ($7,000) to a number of million baht per sufferer. Because the investigation continues, the total extent of the fraud and its influence on buyers throughout a number of nations stays to be decided.
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