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.