Thai Muslim Television investigated on charges of advertising for pyramid scheme
Department of Special Investigation (DSI) officers searched the Thai Muslim Television (TMTV) station in Bangkok’s Prawet district on Wednesday morning over an allegation that the channel had played on religious beliefs to convince people to invest in an alleged pyramid scheme resulting in damages of at least Bt70 million.
Special Case Office 1 head Pol Lt-Colonel Phayao Thongsen led DSI officers, forensic specialists and soldiers to enforce a search warrant at the Hamsa Foundation and TMTV station in Soi Supapong 1.
Phayao said the agency had received complaints that the foundation had raised money by urging people to join eight investment projects, including a chicken farm and a Thai Muslim housing estate, and advertised the schemes on the television channel.
The foundation was accused of being a pyramid scheme after it allegedly fell behind in payments of promised 7 to 10 per cent returns, prompting the DSI to investigate.
The initial investigation found evidence that suspects had played on religious beliefs in raising money, enticing 200 people to invest, Phayao said. DSI investigators have so far interviewed 70 people who said they had invested, who allegedly lost Bt70 million, he said.
The search found advertising material and copies of previously aired shows. Six bank accounts with a total of Bt2 million were impounded pending inspection, Phayao said.
No charges have been formally filed pending further investigation and the TV station would not be closed as it had applied for a broadcasting licence properly, he said.