“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.”

Assoc Prof Sawat Saengbangpla, who previously chaired the CU Savings Cooperative, has claimed he established a lottery cooperative and invited several CU lecturers to invest.

But 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.