Police arrested a Frenchman in Phetchaburi province on Saturday for alleged involvement in a Ponzi investment scheme and defrauding his European victims of about 7.5 billion baht.
Police said on Sunday that the 38-year-old "Mr Dogan" was arrested in Cha-am district on Saturday. He was named in an Interpol red notice with arrest warrants issued by France and Turkey.
The Frenchman was also suspected of being a key member of a Ponzi scheme run by a gang based in the United Arab Emirates.
The gang of five set up a “digital finance firm” in 2022 and claimed to have close connections with large-scale finance companies in Dubai. They lured victims, especially Turks who lived in France, Belgium, Switzerland and New Zealand into investing 20,000-300,000 euros each.
The gang promised high returns of 15% a month, five-fold annual profit and a 10% bonus for recruiting new investors.
There were about 900 victims whose losses were estimated at 200 million euros (about 7.5 billion baht) in total.
The Frenchman faces extradition proceedings.
