Portuguese fugitive Pedro M., accused of €500 million ($586 million) crypto and credit card fraud

A Portuguese national accused of running one of Europe’s largest cryptocurrency and credit card scams has been arrested in Thailand after a journalist on holiday in Bangkok recognized him in a luxury shopping mall.

Pedro M., 39, was detained on Thursday, October 3, 2025, following a five-hour manhunt by Thai law enforcement officers. He is wanted across Europe and Asia in connection with schemes allegedly worth more than €500 million ($586 million), involving Bitcoin investment fraud, card skimming, and passport forgery.

Fraud suspect arrested after chance encounter

Pedro has long been wanted by the Portuguese authorities as well as Thai law enforcement due to various charges. Ironically, an ironic plot twist was about to unfold as the most unlikely person helped nab the two-year fugitive. A Portuguese journalist holidaying in Thailand spotted Pedro in Bangkok and contacted authorities.

Facial recognition software and biometric databases helped authorities to confirm the suspect’s identity before plainclothes officers deployed to the scene.

After a few hours of surveillance, the suspect was apprehended.

Pedro first entered Thailand in 2023 on a tourist visa, but never renewed it or registered an address. Records show his last visa stamp dates back nearly two years. He admitted to overstaying his visa and was formally charged with immigration violations.

Authorities said he would face legal proceedings in Thailand before being deported to Portugal, where he is expected to stand trial. He will also be added to Thailand’s immigration blacklist.

Pedro ran a wide fraud network

According to Interpol records and Portuguese media, Pedro has been on the run for quite a while. He’s the suspect behind a large criminal organization with recorded operations in Europe, the Philippines, and Southeast Asia. 

Swiss bank accounts linked to hundreds of millions of euros, while victims ranged from retail investors lured into fake crypto platforms to banks and payment processors targeted through credit card fraud.

Thai officials said that shortly after his arrival in Bangkok, Pedro was involved in small local Bitcoin scams, defrauding victims of more than 1 million baht, which is about $30,800. 

According to reports, an arrest warrant was initially issued. However, it was later withdrawn, allowing him to evade capture and resettle in southern Thailand, where he went off radar and dropped off immigration records.

By the time of his arrest, European investigators had attributed to him losses exceeding €500 million, placing the case among the largest fraud operations tied to digital assets in recent history.

Global stakes in crypto enforcement

The arrest throws fresh light on some of the challenges regulators and law enforcement face as crypto-related scams continue to increase.

Pedro’s ability to remain in Thailand for nearly two years without valid documentation has raised questions about monitoring processes in the country, even as authorities pointed to the eventual success of biometric tools and international intelligence sharing. 

While Thai investigators were swift with acting on the tip provided by the journalist, chances are high that Pedro would still have been moving without the chance encounter in Thailand. 

Pedro is expected to be deported to Lisbon once Thai courts conclude proceedings, where prosecutors are preparing multiple charges, including fraud, money laundering and forgery. Interpol is also expected to assist in attempts to trace and recover assets moved through Swiss accounts.

For Portugal, the case will likely mark one of the largest financial crime trials tied to cryptocurrencies.

The smartest crypto minds already read our newsletter. Want in? Join them.