PHETCHABURI, Thailand — Thai immigration authorities have apprehended a 38-year-old French national in Phetchaburi province in connection with a massive international Ponzi scheme that allegedly defrauded hundreds of European investors out of approximately 7.5 billion baht.

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The suspect, identified only as Mr. Dogan, was taken into custody on Saturday at a pool villa in the Cha-am district. Pol Maj Gen Songprote Sirisukha, commander of Immigration Division 3, announced the arrest on Sunday, revealing that the fugitive was the subject of an Interpol red notice. Arrest warrants had been issued for him by both French and Turkish judicial authorities prior to his capture in Thailand.

Beyond the international warrants, Mr. Dogan is suspected of being a key operative in a sophisticated financial fraud network orchestrated by a five-member gang based in the United Arab Emirates. According to investigators, the syndicate established a fraudulent digital finance firm in 2022. The perpetrators falsely claimed to have deep connections with major financial institutions in Dubai to lend credibility to their operation and attract high-net-worth individuals.

French fugitive arrested in a luxury Thai villa for allegedly running a Ponzi scheme that defrauded more than 900 victims, mainly in Europe and New Zealand, of over 8 billion baht with fake Dubai investment promises.

He faces deportation. pic.twitter.com/Sh536NXbXQ

— Bangkok Lad (@bangkoklad) June 21, 2026

The criminal enterprise specifically targeted individuals of Turkish descent residing in countries including France, Belgium, Switzerland, and New Zealand. The gang lured approximately 900 victims into investing sums ranging from 20,000 to 300,000 euros each by promising exorbitant financial returns. Investors were enticed with guarantees of a 15 percent monthly return, a five-fold annual profit, and an additional 10 percent bonus for successfully recruiting new participants into the scheme. The total financial losses incurred by the victims are estimated at 200 million euros, equivalent to roughly 7.5 billion baht.

Following his apprehension by Thai authorities, the French suspect is now facing formal extradition proceedings to face justice in the jurisdictions that issued the warrants. Immigration and international liaison officers are coordinating with their counterparts in France, Turkey, and the UAE to facilitate the legal transfer and assist in dismantling the broader transnational syndicate.

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As the legal proceedings advance, authorities remain focused on tracking the remaining members of the UAE-based gang and recovering the defrauded assets for the victims.

-Thailand News (TN)