A Chinese national wanted in connection with a multi-billion-baht pyramid scheme has been arrested at a luxury residence in Bang Phli district of Samut Prakan province.
Crime Suppression Division (CSD) police, Interpol and immigration officers apprehended the suspect, identified only as Ju, 39, in Bang Phli district, Pol Maj Gen Pattanasak Bubphasuwan, CSD commander, said on Friday.
Mr Ju was a key figure behind the online investment platform ACE, which allegedly defrauded nearly 470,000 investors and handled transactions worth more than 10 billion baht, said Pol Maj Gen Pattanasak.
The arrest followed an investigation into networks of companies suspected of using Thai nominees to enable foreign nationals to operate businesses and hold assets in Thailand in violation of the law, particularly high-value residential properties and real estate.
Acting under a search warrant issued by the Samut Prakan Provincial Court on June 16, officers, led by CSD sub-division 4 chief Pol Col Ekkasit Panseetha, searched a luxury residence in village Moo 6 of tambon Bang Kaeo, Bang Phli district, where they found Mr Ju living in the house. Authorities said he was listed as a director of one of the involved Thai companies.
Further checks revealed that his permission to stay in Thailand had previously been revoked.
The Chinese Embassy in Bangkok had earlier informed the Royal Thai Police that Mr Ju was wanted on an arrest warrant issued by Chinese authorities and requested Thailand's assistance in detaining and extraditing him to face prosecution in China.
According to information provided by Chinese investigators, Mr Ju and two associates were involved in promoting and recruiting investors for the online financial platform known as ACE through both internet-based marketing and offline seminars.
Authorities said Mr Ju was responsible for developing the platform's system and overseeing its operations.
The ACE platform reportedly began operating on Sept 28, 2018, using a multi-level marketing (MLM) structure that authorities described as a pyramid scheme. Investors were encouraged to recruit new members in exchange for returns.
Chinese investigators found that, as of March 10, 2023, the platform still had 469,767 active members. More than 3.71 billion USDT had reportedly flowed through the system, equivalent to about 11-12 billion baht.
Chinese authorities subsequently issued arrest warrants against those involved on charges of organising and leading a pyramid scheme and defrauding the public for unlawful gain.
Following his arrest, Mr Ju was charged with overstaying his permission to remain in Thailand. He reportedly confessed to the charge before being taken to Bang Kaeo police station for legal proceedings.
During the search, authorities also seized a large amount of documentary evidence, including passports and identification documents linked to several countries, including Vanuatu, Paraguay, Myanmar, Grenada and China.
The arresting team also confiscated 18 items, including gold bars weighing a combined 20 baht-weight, two mobile phones, a laptop computer, a Thailand Elite card, bank cards, vehicle-related documents, foreign currency cash and identification cards from multiple countries.
Authorities said the siezed items would be examined as part of an investigation into financial transactions and possible links to a wider criminal network.
Police were expanding the investigation to identify additional assets and accomplices while coordinating with relevant agencies to facilitate the suspect's extradition to China.
