Thailand has extradited to China a man suspected of illegally absorbing public deposits, marking the latest step in cooperation between the two countries' law enforcement and judicial agencies, Chinese authorities said on Tuesday.

With help from the Chinese embassy in Thailand and Thai law enforcement, Chinese police escorted the suspect, identified only by his surname Li, back to China on Friday, the Ministry of Public Security said in a statement.

Li, who was not qualified to accept public deposits, made false claims that his company was financially strong, earning strong returns and preparing to list on the stock market.

He said his business would expand and persuaded more than 800 people to invest over 300 million yuan ($41.79 million) with the promise of high interest rates.

After authorities uncovered the scheme, Li fled overseas. Police continued pursuing him and working to recover illicit proceeds. A procuratorate in Shangqiu, Henan province, approved his arrest in September 2023. Interpol issued a Red Notice for Li in October 2024.

Thai authorities arrested him in June this year and ruled that he should be extradited back to China.

The ministry said Li's extradition reflects deepened law enforcement and judicial cooperation between China and Thailand, as well as strengthened mutual trust. It also demonstrates Chinese police's determination to protect the public's assets and sets an example for future international cooperation, the ministry said.

The case comes less than a month after China announced that Zhou Jinghua, ranked 26th on its list of 100 most-wanted Interpol Red Notice fugitives, was extradited from Thailand.

In February, Thailand repatriated 40 Chinese nationals who had entered the country illegally.

Chinese police in recent years have increased cooperation with Thailand and other countries to combat rampant telecommunications and online fraud targeting Chinese citizens.

Since Feb 20, Myanmar has repatriated 2,876 Chinese fraud suspects, who were escorted back to China through Thailand, the ministry said in March.