A German man has been arrested on Koh Phangan for allegedly running a fraudulent investment scheme targeting investors in Australia.
Officers searched four locations on the popular tourist island on Tuesday.
They took David Guy Hamburger, 54, into custody.
Mr Hamburger was caught while riding a motorcycle near his residence.
The arresting team took the suspect back to his house and searched it. The officers seized assets worth more than 19 million baht, believed to have been acquired through fraudulent activities.
Upon inspecting his two laptops, police found scripted dialogue used to dupe investors in Australia into making fake stock investments, and detailed records of victims.
Police also searched three other premises linked to nominee companies allegedly set up by the man.
They were a law office, the Montana Realty real estate office—both on Koh Phangan—and a residence on Koh Samui in the name of his Thai wife.
Police said the action followed advice from Australian authorities that many people Australia had been tricked by online investment scam operated from Thailand.
Mr Hamburger had been living on Koh Phangan for over five years on a retirement visa. He had run several businesses, including a villa rental company, a construction firm and a restaurant.
