Stefano Raccaqni, 38, was arrested on Tuesday in Chiang Mai, 600 kilometres north of Bangkok, on a request from Italy via Interpol.
He faces charges of defrauding Italian banks and finance companies of more than 8.6 million dollars, said Police Major General Chitsanupong Yuktathad, deputy commissioner of Thailand's immigration police.
"We have revoked Raccaqni's visa and will deport him to Italy," Chitsanupong said.
Raccaqni is also charged with assisting tax evasion and smuggling people into Italy.//DPA