Authorities in Thailand have arrested a 39-year-old Portuguese man accused of being behind a massive crypto and credit card fraud scheme worth over $580 million (€500 million).
The suspect, identified by local media as Pedro M., was tracked down and captured at a luxury shopping mall in Bangkok. The arrest marked one of the largest cross-border crypto fraud cases tied to Europe and Asia in recent years.
Facial Recognition Leads to High-Profile Arrest
According to Thai newspaper Khaosod, a Portuguese journalist identified the fugitive. The unnamed journalist happened to spot him while on vacation in Bangkok.
A Portuguese fugitive, wanted in several European and Asian countries, including Thailand, for allegedly orchestrating cryptocurrency and credit card fraud worth about 19 billion baht, was arrested by Thai police at a luxury shopping mall in Bangkok on Thursday.
Thanks to a… pic.twitter.com/MfolzPsVFn
— Thai PBS World (@ThaiPBSWorld) October 3, 2025
Thai police later confirmed his identity through facial recognition and biometric data, deploying more than 10 plainclothes officers for his capture.
Pedro, reportedly born in Lisbon, had been living illegally in Thailand since 2023, after overstaying his visa and failing to register his address.
Despite being wanted internationally, investigators believe he continued to operate fraudulent crypto schemes while hiding in Bangkok. He allegedly defrauded investors of more than 1 million baht (around $30,800) in local scams.
Interpol records reportedly link him to large-scale cryptocurrency and credit card fraud across Portugal, Europe, the Philippines, and Thailand. Portuguese authorities had been tracing his movements for months before the arrest.
🚨 Banking crisis in Thailand: The central bank has frozen over 3 million personal & small business accounts in a sweeping crackdown on scam-linked “mule accounts.”
The dragnet has ensnared countless innocents, sparking legal outrage, panic withdrawals & retailers rejecting… pic.twitter.com/EHf2iPhMOr
— Bitcoin News (@BitcoinNewsCom) September 14, 2025
Thailand Tightens Grip on Crypto-Related Crime
The case highlights Thailand’s increasingly firm stance against crypto-related financial crime, as the country works closely with Interpol and global agencies to pursue fugitives exploiting digital assets.
In recent months, Thai police have made several similar arrests. In May, a authorities detained a Vietnamese woman in Bangkok for her role in a $300 million crypto scam that defrauded more than 2,600 victims.
And in August, law enforcement caught a South Korean man at Suvarnabhumi Airport for allegedly laundering cryptocurrency through gold bars for international crime networks.
These arrests mirror Thailand’s growing reputation as a regional hub for crypto enforcement, not just crypto innovation. As the country explores plans to become a digital asset center for Southeast Asia, authorities are also working to ensure that the rise of Web3 and digital finance doesn’t come with a surge in cross-border fraud.
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