The ABC's Four Corners program says suspects in the suspicious death of an eight-year-old Northern Territory boy are still living in his town of Borroloola.

The boy, known as "K" Raggett, went missing in October 2007.

A search took place involving members of the NT police and local community members, and two days later his shirtless body was found in a muddy creek less than a kilometre from where he lived.

Police rapidly concluded that his death was an accident - that K had wandered off alone, fallen down a steep creek bank, hit his head and drowned.

But how they reached this conclusion is still not entirely clear.

Several years later a coronial inquest found that evidence strongly suggested foul play, concluding it seemed one or more persons were involved, and a crime "may have been committed".

The inquest found officers had overlooked evidence suggesting foul play, including large rocks in the boy's shorts that were weighing him down.

Police admitted after the inquest that their investigation was flawed and said they would conduct a new one, treating the death as suspicious.

Four Corners has investigated the case and reporter Geoff Thompson says if K did go to the waterhole with an another person, it is highly likely he knew them.

"It was almost certainly someone that this young boy knew," he said.

The waterhole near Borroloola where K's body was found. ( NT Police )

Several possible suspects were identified by police in 2010, and the case has been referred to a cold case investigation unit.

Thompson says the boy's family is still no closer to finding out what happened to him.

"You can't really point this at any particular person, but all along the way the system failed," Thompson said.

"Now this family tragically still doesn't have answers, and that is not a nice place for them to be in."

The boy's guardian, Cliff Taylor, says he is angry at the lack of public attention given to the case and that his death was also largely ignored by the media at the time.

"When a certain person goes missing somewhere else there are big articles, there are big news things about it. There was nothing on him," Mr Taylor said.

"That's what makes me angry, there was nothing. And yet, I feel sorry for other people who lose their kids and that, but they have that spotlight about trying to find this certain kid."