DSI raids Muslim TV to look for evidences of a pyramid scheme

Officials of the Department of Special Investigation on Wednesday raided the Thai Muslim TV or TMTV station after it was alleged that the station was used as a channel to mobilize fund among Muslims to set up a savings fund which was in fact a pyramid scheme.

Pol Lt-Col Payao Thongsen, commander of special criminal cases office of the DSI, who led the raid, told the media that the DSI had received more than 200 complaints from the investors and had questioned 70 of them who said they had invested about 70 million baht in the savings fund which, he said, was suspected to be a Ponzi or pyramid scheme.

He disclosed that the raid of the TMTV station was intended to uncover evidences persuading potential investors to invest in various projects proclaimed by the fund which include mini mart, hospital, hotel, real estate, frozen food, chicken farm and purchase of rubber sheets.

Pol Lt-Col Payao said that most of the business activities claimed by the fund operators were non-existent and the fund has been offering 7-10 percent returns to the investors.

He went on saying that the TV station would not be closed down because the station's broadcasts mainly concern Islamic teachers and the fund operators had already left the station.

Source: Thai Public Broadcasting Service (Thai PBS)