French fugitive arrested in Thailand over 'transnational Ponzi scheme'
A French fugitive was arrested at a luxury villa in Thailand over an alleged transnational Ponzi scheme.
The suspect, named by police only as Dogan, 33, allegedly defrauded victims of more than 200 million Euros in a pyramid scam before fleeing to Thailand.
He was said to be part of a gang of five based in the United Arab Emirates who set up a digital finance firm in 2022.
They built trust by claiming to be backed by reputable financial institutions in Dubai.
The group reportedly lured victims - especially Turks living in France, Belgium, Switzerland, and New Zealand - with promises of high returns and bonuses for recruiting new members.
But they disappeared without the promised profits materialising.
Thai police revoked Dogan's visa and launched a manhunt as he was named in an Interpol Red Notice. Intelligence found he was hiding out in a pool villa in the scenic coastal province of Phetchaburi.
Officers raided the property on June 20 and arrested the suspect.
They confirmed that he was the man named in the warrants before taking him into custody for further legal action.
Police Lieutenant Colonel Suriya Phuangsombat of Immigration Division 3 said Dogan's scheme caused financial damage to more than 900 people.
He said: ‘Their behaviour constitutes the operation of a Ponzi scheme.
‘It is reported that there are more than 900 victims across several countries worldwide.
‘After the arrest, the Immigration Bureau will proceed with deporting him to the requesting country to enter the judicial process and face prosecution.'
