French Fugitive Held in Thailand Over Alleged Ponzi Fraud

French Fugitive Held in Thailand Over Alleged Ponzi Fraud

BANGKOK, June 22, 2026 – Thai immigration police have arrested a 33-year-old French man in Phetchaburi province who is wanted by France, Turkey and Interpol over his alleged role in a transnational pyramid investment scheme that caused losses of more than 200 million euros (US$230 million).

The suspect, identified only as Mr. Dogan, was arrested at a luxury villa in the Cha-am district on June 20 after investigators received intelligence on his whereabouts, Thai immigration police said.

Authorities alleged that Mr. Dogan was a key figure in an investment fraud network established in 2022 with five associates. The group allegedly operated through a purported digital finance company and falsely claimed links to major financial institutions in Dubai to attract investors.

Investigators said the scheme primarily targeted members of the Turkish community living in France, Belgium, Switzerland and New Zealand, soliciting investments ranging from 20,000 euros to 300,000 euros.

Victims were allegedly promised monthly returns of 15%, annual profits of up to five times their initial investment and bonuses for recruiting new investors, in what authorities described as a Ponzi scheme.

Police said the operation affected more than 900 victims worldwide and caused estimated losses exceeding 200 million euros.

Following the arrest, Thai immigration authorities revoked the suspect’s permission to remain in Thailand under Section 12(7) of the Immigration Act. He is being held pending deportation and extradition proceedings to requesting countries.

According to Khaosod, Thai authorities said they will continue coordinating with international law enforcement agencies as investigations into the cross-border financial crime network continue.