A British businessman was arrested in Thailand on Thursday for allegedly cheating investors of 40 million THB (around 1.1 million USD).

Mark Edward Kirkham, 57, was detained by Economic Crime Suppression Division officers at the Suvarnabhumi International Airport in Bangkok on October 6.

It came after the Southern Bangkok Criminal Court issued a warrant for his arrest last December.

The Brit chief executive was reportedly wanted for running an unlicensed securities firm, PFS International Consultants Co., through which he siphoned millions of baht from investors.

Central Investigation Bureau commissioner Police Lieutenant General Jirabhop Phuridej said: 'Mr. Kirkham is wanted for violating Section 90 of the Securities and Exchange Act. He was running his business without permission or registration.'

The entrepreneur was said to have lured investors into bankrolling his 'overseas foreign fund,' promising yields of 7 to 11 per cent.

However, the contracts allegedly expired with the returns never materialising, complainants said. Kirkham's company later shut down.

Cops arrested him at the airport after learning he was flying into Thailand from Singapore on Thursday.

Kirkham has denied the allegations and is detained by the Central Investigation Bureau for interrogation.

The businessman, from Warrington, has connections to Hong Kong, where he is part of a firm providing financial services to ex-pats.