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AMLO orders more iCon Group assets to be frozen

AMLO orders more iCon Group assets to be frozen

13 Sept 16:48 Key points summarised by AI
  • The Anti-Money Laundering Office (AMLO) froze an additional 48 million baht in iCon Group assets, including 40 bank accounts, for 90 days.
  • This action stems from an investigation into allegations that iCon Group and its executives converted approximately 8 billion baht into USD₮ (Tether) to evade seizure by Thai authorities.
  • The Revenue Department is separately scrutinizing the personal income tax records of 18 iCon Group executives for potential non-compliance.
  • Over 2,000 investors have filed complaints, reporting combined losses of about 800 million baht, leading to 18 executives, including the CEO, being held on remand for fraud and computer-related crime charges.
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