The Department of Special Investigation (DSI) is prepared to take on the case of “The Icon Group Co., Ltd.” as a special case if police investigations reveal indications of a Ponzi scheme. DSI officials have outlined key investigative points including whether the company’s business model emphasizes recruiting new members over selling products, and tracing the financial paths of individuals involved in the company’s operations.
On October 14, 2024, DSI chief Pol. Lt. Col. Yuthana Paedam stated that a case becomes eligible for special consideration if there are over 300 victims and damages exceed 100 million baht. If evidence, witness testimonies, and the characteristics of the crime suggest Ponzi scheme activities, the police must forward the case for DSI’s consideration.
Currently, the DSI has not yet accepted the case as special; however, investigations are ongoing, with continuous collaboration between the DSI and police. DSI’s focus will be on the company’s accounts and benefits distribution methods, investigating if the company’s operations place undue emphasis on acquiring new members rather than product sales.
If the characteristics of the case indicate a Ponzi scheme as per the provisions of the Special Investigation Act of 2004, the DSI can further engage in responsible inquiries promptly. If not, a report will be submitted for the committee’s consideration regarding its special status.
Moreover, Pol. Lt. Col. Woranan Srilam, DSI’s director of non-registered financial business cases, mentioned that police have yet to formally charge any individuals, although complaints on various wrongdoings have been noted. The DSI will examine whether there are grounds to suspect Ponzi-like behavior, in which case an investigation will proceed in parallel.
If police investigations lead to findings that support Ponzi scheme claims, the case may be recognized under the Special Investigation Act guidelines.
In case DSI accepts the case, the following procedures will take place:
1. Exchange of case files between police and DSI.
2. Witness interviews can be conducted by police as per DSI requests to ensure thoroughness across stations nationwide.
3. Investigation into financial trails and elements of the alleged crime, particularly focusing on the business model’s complexity while noting that the company holds a legal business license.
DSI’s investigative framework will involve assessing all gathered evidence to determine the essence of the alleged Ponzi scheme and liaising with economic authorities to analyze the legality of the company’s financial dealings, including interest rate implications.
Lastly, Pol. Lt. Col. Woranan emphasized they will closely monitor income sources, given that the company is a legally established direct sales business, with ongoing opportunities for those accused to clarify their positions and present potential evidence in their defense.
The DSI is currently setting up investigative numbers while police conduct their inquiries, indicating a strategy to parallelly examine and potentially corroborate findings.
This article was rewritten from a Thairath’s news article.
