A Chinese man wanted over an alleged multi-billion-baht pyramid scheme has been arrested at a luxury home in Samut Prakan.
The suspect, identified only as Ju, 39, was detained in Bang Phli district by officers from the Crime Suppression Division, Interpol and immigration police, Pol Maj Gen Pattanasak Bubphasuwan, commander of the CSD, said on Friday.
According to police, Mr Ju was believed to be a key figure behind ACE, an online investment platform accused of cheating almost 470,000 investors and handling transactions worth more than 10 billion baht.
The arrest came as part of a wider investigation into company networks suspected of using Thai nominees to help foreign nationals run businesses and hold assets in Thailand illegally, particularly expensive homes, real estate holdings and other high-value assets.
Acting on a search warrant issued by the Samut Prakan Provincial Court on June 16, officers searched a luxury residence in Moo 6, tambon Bang Kaeo, Bang Phli district. The operation was led by Pol Col Ekkasit Panseetha, chief of CSD sub-division 4.
Officers found Mr Ju living inside the property. Investigators said he was also listed as a director of one of the Thai companies linked to the case.
A check of his immigration status later found that his permission to stay in Thailand had already been revoked.
Police said the Chinese Embassy in Bangkok had previously notified the Royal Thai Police that Mr Ju was wanted under an arrest warrant issued in China. Chinese authorities had asked Thailand to assist in detaining him and arranging his extradition so he could face prosecution in China.
According to details provided by Chinese investigators, Mr Ju and two other people allegedly helped promote and recruit investors for the ACE online financial platform through online marketing campaigns and in-person seminars.
Authorities said Mr Ju was responsible for developing the platform’s system and supervising its operations.
The ACE platform reportedly began operating on September 28, 2018, using a multi-level marketing model that investigators described as a pyramid scheme. Members were allegedly encouraged to recruit new investors in exchange for promised returns.
Chinese investigators found that, as of March 10, 2023, the platform still had 469,767 active members. More than 3.71 billion USDT was said to have moved through the system, equivalent to around 11 to 12 billion baht.
Chinese authorities later issued arrest warrants for those involved on charges of organising and leading a pyramid scheme and defrauding members of the public for illegal gain.
After his arrest in Thailand, Mr Ju was charged with overstaying his permission to remain in the country. Police said he admitted to the overstay charge before being taken to Bang Kaeo police station for further legal action.
During the search, officers also seized a large quantity of documents and other evidence, including passports and identification documents connected to several countries, including Vanuatu, Paraguay, Myanmar, Grenada and China.
Police also confiscated 18 items from the property, including gold bars weighing a combined 20 baht-weight, two mobile phones, a laptop, a Thailand Elite card, bank cards, vehicle documents, foreign currency and identification cards from multiple countries.
Authorities said all seized evidence would be examined as part of the continuing financial investigation, including possible links to a wider criminal network.
Police said they are now expanding the probe to trace more assets and identify any additional accomplices, while coordinating with relevant agencies to move forward with the suspect’s extradition to China.
