Deputy police spokesman Pol Col Krisana Pattanacharoen said on Thursday that Pi Jiapeng, a Singaporean, and his Thai wife, Siriwipa Pansuk, were arrested in Singapore last month.
Singapore's CNA news channel reported that the couple were presumed to have fled Singapore by hiding in the container compartment of a lorry, according to the Immigration and Checkpoints Authority (ICA).
At least 180 complaints involving two companies, Tradenation and Tradeluxury, which were operated by the couple, have been made to police since June.
The complainants said they made advance payments for luxury watches or bags that were not delivered.
CNA reported the 26-year-old Singaporean man was arrested on June 27. He was released on bail the next day after his passport was impounded. His wife, 27, surrendered her passport on June 30. Since then, the couple could not be contacted.
Chinese daily Shin Min Daily News said the couple, also known by their aliases Kevin and Ann, had left Singapore and entered Malaysia from Tuas Checkpoint and were believed to now be in Thailand.
Pol Col Krisana said damages from the alleged fraud were estimated at the equivalent of 800 million baht.
The couple had fled after being granted bail, he confirmed, but did not say if they came to Thailand.
Interpol has issued a Red Notice, indicating arrest warrants have been issued for the couple in Singapore. However, Singapore has not contacted the Royal Thai Police for help.
The Shin Min Daily News reported that before the couple started the luxury good business, Kevin worked as shoe salesman. He met Ann through a dating app.
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