Prasit Jeawkok, who is accused of leading a fraudulent investment ring which caused more than one billion baht in losses, contacted detectives to say he would surrender today, police said.
Prasit: Still at large
The Crime Suppression Division (CSD) launched a sting operation at nine locations in Greater Bangkok last week.
They acted on complaints filed by thousands of victims.
Police managed to apprehend four suspects, identified as Lt Col Amaraphon Wisetsuk, a doctor, the chairwoman of the Tiew Puea Chart (touring for the nation) project, Nuttawan Uttamaprakrom, Sirima Naovarat, and Kittiwat Oum-aree, CSD commander Pol Maj Gen Suwat Saengnoom said.
But two others, Mr Prasit, founder of Business Services and Combined Products Trade Association and president of Khuen Khun Phean Din (repay a debt of gratitude to the motherland) project and Kittisak Yenyanond, are still at large.
Pol Maj Gen Jirabhop Bhuridet, deputy commissioner of the Central Investigation Bureau, said he was told that Mr Prasit had promised to turn himself in today.
"But I can't confirm whether he really intends to turn himself in," he said.
However, police will carry out their investigation until the suspects face legal action, Pol Maj Gen Jirabhop said.
Meanwhile, the Second Army pledged the suspect, Lt Col Amaraphon, who is attached with the Second Army's Support Command, will face punishment if she is found guilty.