Officials of the Department of Special Investigation (DSI) raided two houses in Phitsanulok’s Muang district found to belong to a key man of a Pyramid-type investment scam which has allegedly duped over 5,000 investors of about 2.5 billion baht in investment.


The raid of the two houses in Wana Town Home housing estate in Tambon Wat Chan and in Tambon Nia Muang of Muang district was led by Mr Piyasiri Wattanawarangkun, deputy director of Unorganized Financial Transaction Litigation Office.


It was reported that the scam was operated through The System Plug and Play Company and Innovation Holding Company with Mr Pudit Kittithradilok as the managing director of the two firms.


A DSI official said that the two houses were a safe haven to keep the spoils sent by Mr Pudit.


The two firms offered seminar package on financial management to its investors. But, in fact, they were front of a Pyramid-type investment scam with investors being encouraged to find new investors so that their investments will be used to pay the old investors.


After having duped over 5,000 investors, the two companies have shuttered their operations, prompting the duped investors to lodge complaints with the police.

DSI officials raid two houses suspected to be linked to a Ponzi scheme - Thai PBS English News​