French fugitive Mr Dogan, 38, wanted by Interpol and two countries over an alleged ฿8 billion Ponzi scheme, was arrested at a luxury Cha-am villa. Police say up to 900 victims worldwide lost €200 million in the sprawling investment fraud.
A French national wanted by Interpol over an alleged ฿8 billion global investment scam was arrested at a luxury Cha-am villa on Sunday after Thai immigration investigators tracked him down in Phetchaburi. The 38-year-old suspect, Mr Dogan, is wanted by France and Turkey over a “digital finance” scheme that allegedly lured hundreds of investors with promises of huge returns. Lawyers claim up to 900 victims worldwide and losses of €200 million.
A French national wanted over an alleged international investment fraud worth up to ฿8 billion was arrested at a luxury villa in Cha-am after fleeing to Thailand, immigration police said on Saturday.
The suspect, identified as Mr Dogan, 38, was sought by authorities in France and Turkey. He was also the subject of an Interpol arrest warrant. Investigators believe he was a key figure in a pyramid-style investment operation based in the United Arab Emirates. The case involves hundreds of victims and losses estimated at €200 million.
The arrest followed an operation led by Immigration Division 3 on Sunday, June 21. Pol. Maj. Gen. Songprot Sirisukha, Commander of Immigration Division 3, directed the investigation.
Immigration investigators trace a wanted French suspect to luxury Phetchaburi villa and swoop
The operation began after investigators received intelligence on the suspect’s whereabouts. Acting on the tip, officers launched enquiries and surveillance. At the same time, they were searching for a man wanted across multiple jurisdictions.
In parallel, immigration authorities reviewed his status in Thailand. The investigation eventually led officers to a luxury villa in Phetchaburi province. Once the location was confirmed, an arrest team moved into position.
Police entered the property and identified themselves. They then requested travel and identification documents. During the inspection, officers located Mr Dogan inside the villa. He was subsequently taken into custody without incident. As part of the process, investigators carried out detailed identity checks. Those checks, in turn, confirmed he was the individual named in the international arrest requests.
Separately, immigration authorities had already moved against his visa status. Earlier, the Commander of Immigration Division 3 signed a visa revocation notification. Officers subsequently informed the suspect that his permission to stay in Thailand had been cancelled.
Visa revoked after suspect deemed a prohibited person under Thailand’s Immigration Act 1979
According to immigration officials, he was deemed a prohibited person under Section 12(7) of the Immigration Act of 1979. The revocation cleared the way for further immigration action.
According to Pol. Col. Suriya, the suspect and five associates established a company in 2022. The business promoted what was described as “digital finance” investment opportunities. From the outset, the group sought to build credibility among potential investors.
Notably, they claimed links to a major financial company in Dubai. Investigators believe those claims helped attract clients and strengthen confidence in the operation.
The network focused heavily on Turkish nationals living overseas. Potential investors were approached in France, Belgium, Switzerland and New Zealand. Over time, the scheme spread through expatriate communities and personal networks. Investors were encouraged to commit substantial sums.
Police said individual investments ranged from €20,000 to €300,000. Many participants were reportedly persuaded by promises of extraordinary returns.
Investors offered huge returns and bonuses as the scheme spread across several countries worldwide
According to investigators, investors were promised profits of 15% every month. They were also told they could earn five times their original investment within a year. In addition, the operation offered recruitment incentives.
Participants were promised a 10% bonus for introducing new investors. As a result, the network expanded through referrals and member recruitment. Consequently, police said those characteristics closely resembled a Ponzi-style structure.
As the operation grew, more investors were drawn into the scheme. Subsequently, larger sums were committed by participants seeking the advertised returns. Meanwhile, recruitment bonuses encouraged existing investors to bring in family members, friends and associates. In turn, the structure allowed the network to expand across several countries. Accordingly, investigators believe this contributed to the scale of the losses now under examination.
Victims’ lawyers have since provided information to authorities. According to those submissions, approximately 900 victims may have suffered losses. Furthermore, the affected investors are believed to come from numerous countries worldwide. In response, investigators have worked with foreign agencies examining the case. Meanwhile, lawyers estimate total damages at around €200 million. At current exchange rates, that equals roughly ฿7.5 billion to ฿8 billion.
Deportation process begins as the Immigration Bureau coordinates with foreign authorities
On another front, immigration officials have begun procedures linked to the suspect’s removal from Thailand. Authorities said coordination with overseas agencies will continue.
The Immigration Bureau intends to return the suspect to the jurisdictions seeking legal action. Furthermore, officials said cooperation with foreign police forces remains ongoing. The case involves requests from both national authorities and Interpol.
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The arrest marks the latest operation targeting an international fugitive in Thailand. In recent years, cooperation between Thai immigration investigators and foreign agencies has intensified.
Consequently, more wanted suspects have been located and detained in the Kingdom. For now, Mr Dogan remains in custody. Further immigration and legal proceedings are expected to follow.
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