Frenchman arrested in Cha-am over alleged 8bn baht Ponzi scheme
Cha-am Ponzi arrest: Frenchman held at villa
A French national wanted in connection with an alleged 8 billion baht Ponzi scheme has been arrested at a luxury villa in Cha-am, Immigration officials said.
The suspect, identified as Mr Dogan, 38, was detained on 21 June after officers from Immigration Division 3 acted on information that he was staying in Phetchaburi province.
Pol Maj Gen Songprod Sirisukha, commander of Immigration Division 3, ordered the operation after authorities received information that the French national was wanted by France, Turkey and Interpol.
Officials said Mr Dogan was suspected of being a key figure in an alleged investment fraud operation based in the United Arab Emirates. His visa had already been revoked before officers went to the villa, identified themselves and requested to inspect his passport.
He was taken into custody for identity checks before being informed that his permission to stay in Thailand had been cancelled. Immigration officials said his case fell under Section 12 (7) of the Immigration Act B.E. 2522, which relates to prohibited persons entering or remaining in the kingdom.
Pol Col Suriya Phuangsombat, superintendent of the Investigation Subdivision of Immigration Division 3, said the suspect and four others allegedly set up a “digital finance” company in 2022.
The group is accused of building credibility by claiming links to a major financial company in Dubai before persuading people to invest. Many of those targeted were Turkish nationals living overseas, including in France, Belgium, Switzerland and New Zealand.
Victims reported in several countries
Police said investors were encouraged to put in between 20,000 and 300,000 euros each, with promises of unusually high returns. These allegedly included profits of 15 per cent per month, annual returns worth five times the original investment, and a 10 per cent bonus for introducing new investors.
Officials said the structure of the scheme was similar to a Ponzi scheme.
According to lawyers representing the victims, around 900 people from several countries were affected. Total losses could reach 200 million euros, or approximately 7.5 to 8 billion baht at current exchange rates.
Following the arrest, Immigration officials said they would begin the process of returning the suspect to the country that has requested him, where he is expected to face legal proceedings.
