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BANGKOK 13 November 2018 09:18

DSI signs MOU to setup Ponzi Scheme Free Zone in Singhburi

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DSI signs MOU to setup Ponzi Scheme Free Zone in Singhburi



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SINGHBURI, 13th June 2018 (NNT) – The Department of Special Investigations (DSI) has initiated cooperation with Singhburi province to create a Ponzi Scheme Free Zone in an effort to combat the scam which has resulted in over 20 billion baht in financial damage. 

DSI Director-General Pol Col Paisit Wongmuang, signed a Memorandum of Understanding with Singhburi Governor Sutha Saiwanit initiating cooperation between the department and the province in taking action against Ponzi schemes. The government has declared the scam a national issue and wishes to see Singhburi become the first province in the central region to eradicate the scurge. 

Ponzi schemes attract people to invest in a business by promising high returns or by using allotted funds to pay high interest to members during the initial period. Once enough members have invested, the scam operators then disappear with the money. 

The crime has become so prevalent it was added to the purview of the DSI. Over 150 such cases were reported between 2004 and 2017 with damage exceeding 20 billion baht. 

Pol Col Paisit says his department has created the application “Share Look So” to help citizens check and assess the risks of businesses which are actually Ponzi schemes. The app is free to download.

-- nnt 2018-06-13

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