A 55-year-old man has been arrested for an alleged "convenience store project" Ponzi scheme which caused his investors to lose about 500 million baht.
Pol Maj Gen Montree Thetkhan, commander of the Crime Suppression Division (CSD), said on Wednesday that police arrested Sitthiwee Poltha at a hotel on Lat Phrao 122 Road in Wang Thonglang district on Tuesday.
He alleged that the suspect and accomplices still at large snared their victims through social media, enticing them into investing in "convenience store projects" in which they would get back their capital plus a profit of about 25% in seven days. He offered higher yields for those who brought in other investors.
The projects were with companies named as Smart Plus and Super K 2999, from July last year.
He paid the promised lucrative yields initially, and later disappeared.
About 5,000 people were drawn into investing about 500 million baht in total.
Mr Sitthiwee was charged with public fraud and making false statements using computer systems.
Pol Maj Suksit Prasert, a CSD superintendent, said Mr Sitthiwee denied all charges. He told police he did not intend to deceive anyone and stopped paying returns to his investors because he ran out of money.