The source said it was very likely that Assoc Prof Sawat Saengbangpla, who previously chaired the CU Savings Cooperative and allegedly lured more than 100 victims into investing in a scam, had put his assets in the name of others.

According to the source, Sawat does not live with his legally-married wife and their child.

Several lecturers were victims in an alleged scam by Sawat, police have said.

“There are more than 160 victims with estimated damages of over Bt1.4 billion,” Crime Suppression Division commander Pol Maj General Suthin Sappuang said yesterday.

“One of the victims has lost as much as Bt70 million,” he added.

Sawat is now on the run.

“We will try to get him,” Suthin said, adding that police were also in the process of gathering further evidence to determine whether Sawat had any accomplices.

Meanwhile, Justice Ministry permanent secretary Charnchao Chaiyanukij yesterday ordered the Department of Special Investigation to analyse pyramid schemes over the past decade and come up with measures to educate the public about such frauds.

“We have to raise people’s immunity against such scams,” he said.

Charnchao also urged people to study investment options well before putting money into any schemes.