Ministry of Finance Evaluates Pyramid Scheme Allegations in The Icon Case.

BANGKOK: The Director of the National Economic and Social Development Board (NESDB), acting as the spokesperson for the Ministry of Finance, has highlighted the necessity of evaluating three specific elements to determine whether The Icon case constitutes a pyramid scheme. The Department of Special Investigation (DSI) has recently coordinated efforts to interrogate the alleged perpetrators involved in the case. According to Thai News Agency, Mr. Pornchai Thiravet, Director of the Fiscal Policy Office (FPO) and Spokesperson of the Ministry of Finance, elaborated on the ongoing investigation into The Icon. He emphasized that the Ministry of Finance must assess the situation in accordance with the Royal Decree on Fraudulent Borrowing from the Public B.E. 2527. The assessment will focus on three critical elements: the presence of any advertising, whether the return on investment exceeds the legally specified interest rate, and proof that no actual trading occurred with funds being sourced from another source to deceive the victims. The FPO plans to dispatch an expert officer to collaborate with the DSI in investigating the case. The Director-General of DSI has communicated the need for joint efforts, and the FPO has expressed its willingness to cooperate due to the case's significance and public interest. The Royal Decree on Fraudulent Loans to the People, which has been effective since 1984, may require revisions to ensure its relevance. Discussions with the Council of State, the Office of the Consumer Protection Board, and the Royal Thai Police are anticipated to facilitate timely amendments. The Ministry of Finance intends to expedite the process by issuing a Royal Decree for immediate implementation.