Police have raided an alleged cryptocurrency scammer's home in Thailand, seizing luxury watches, cars, and accounts worth at least 101 million baht (2.76 million USD).

Officers scoured the property of business owner Kitikorn Inta, who is accused of fleeing with investors' cash after luring them in with the promise of high returns.

Inside the sleek-looking residence in Chiang Mai province, they reportedly found at least five luxury cars - a Porsche, a Lamborghini, a BMW, a Ferrari, and a Bentley - as well as several expensive watches, including a Patek Philippe and a Breitling. They also confiscated more than 10 accounts worth over 101 million baht following the raid on August 29.

The manhunt was launched after one alleged scam victim brought evidence to Thailand's Department of Special Investigation, saying Kitikorn, who runs the 'P Miner Cryptocurrency' mining business, had opened a VIP group for investors to raise a million baht.

The money, Kitikorn had claimed, would be used to trade in cryptocurrency, with potential dividends reaching 10 to 15 per cent. However, the promised profits never materialised.

In a social media post before the raid, the now-missing entrepreneur pleaded for sympathy.

He said: 'In recent times, the value of the coin has suffered heavy losses. In the investment market based on various platforms, the company has lost more than 70 per cent of its existing coins. Mining coins requires a lot of electricity bills, making mining not worth it.'

Kitikorn also said he had no intentions of cheating or escaping, while simultaneously asking frustrated clients to withhold legal action. His last statement, dated August 24, said he was planning to sell his luxury cars to pay for the debt.

Authorities have announced a 50,000 USD reward for information that can lead to Kitikorn's arrest.

Police have asked the local court to issue an arrest warrant against Kitikorn for allegedly defrauding more than 300 people and causing some 1.7 billion baht in damages.