BANGKOK, Thailand – The Anti-Money Laundering Office (AMLO) on Oct 16 has ordered freezing assets worth approximately 125.5 million baht ($3.7 million) from the iCON Group, its CEO and three others including well-known TV host Kan Kantathavorn.
The move comes amid allegations of fraudulent activities linked to the direct-sales company.
The AMLO’s action was based on a report from the Consumer Protection Police Division, which indicated that the iCON Group may have violated the 1984 Borrowing Money for Fraudulent Purposes Act. An investigation revealed a strong possibility of asset transfers, concealment, or disguise related to the alleged crimes.
Citing urgent circumstances, the AMLO has ordered the freezing of 11 assets, including securities accounts, current accounts, savings accounts, and digital asset accounts, with a total estimated value of approximately 125.5 million baht. The freeze order will be in effect for a maximum of 90 days.
The AMLO warned that anyone who transfers, receives, or changes the state of assets related to the alleged crimes to conceal their source or to assist others in avoiding or reducing punishment for the underlying offenses could face money laundering charges, punishable by imprisonment of one to ten years and/or a fine of 20,000 to 200,000 baht.
The AMLO will send letters to the asset owners requesting explanations within 30 days.
Meanwhile, a steady stream of victims has continued to file complaints against The Icon Group at the Consumer Protection Police Division’s complaint center. As of Tuesday, over 1,063 individuals have reported losses totaling more than 386.4 million baht. (TNA)
