Steven James Granville, 43, the CEO of Puravarna Resorts Co, was arrested on Wednesday morning in Phuket by the Bangkok-based Crime Suppression Division of Thai police, who took him back to the capital, Phuketwan reported.
According to the Bangkok Post, Anand Kumar Sen, managing director of Tycoon Group Co, filed a complaint with the police in May accusing Mr Granville of tricking people into paying for residential units that had not been built.
The development has been widely advertised in Singapore, Hong Kong, UK and Australia.
Mr Anand said he represented 19 people who claimed to have invested more than Bt217 million in the development. The project is still awaiting approval of Phuket authorities, he alleged.
Mr Anand said the investors had signed contracts to buy villas priced between Bt6 million and Bt15 million. Executives of Tiger Beer were among those involved, he added.
The Criminal Court on Wednesday set a bail of Bt10 million for the release of Mr Granville, which he refused to pay.
Read more in Phuketwan...
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