PHITSANULOK: Police backed by soldiers on Thursday search one of two houses in Muang district linked to a man arrested for an alleged investment swindle in which more than 5,000 people lost about 2.5 billion baht.
The case involves System Plug and Play Co and Innovision Holding Co, which organised investment seminars that drew many participants. A director of both firms, identified as Phudis Kittitharadilok, told participants their money would be invested in foreign exchange.
The two companies later closed, leaving more than 5,000 investors nationwide out of pocket to the tune of 2.5 billion baht in all.
Mr Phudis was arrested in early August. The case is being handled by the Department of Special Investigation.
The DSI expanded the investigation and obtained search warrants for two residences in Muang district with links to Mr Phudis.
The first house is at the address used for the registration of a company in which Mr Phudis’ sister was named as a director.
The second house belongs to a former wife who did not register her marriage with Mr Phudis. The house is now the residence of his former father-in-law.
The DSI believes the two houses were important in the scam as their owners received assets worth over 70 million baht from Mr Phudis.
However, Mr Phudis’ sister was not at home so her house was not searched.
At the second house, searchers confiscated some documents, including vehicle registration papers, and a Honda car for further investigation. They were acquired during the period Mr Phudis allegedly swindled money from his customers. The owners of the cars must explain to the DSI how they acquired them.
