Thai police yesterday arrested 82 foreigners, including a number of Irish people, in a raid on a company operating a finance fraud that has allegedly defrauded Australians of some $150 million.

Australian, British and Irish nationals were charged with involvement in the fraud, in which they were hired to coldcall Australian homes and businesses and persuade them to buy non-existent stocks.

"The company set out to defraud people by saying that their money would be invested in the stock market," said deputy police chief Mr Sant Sarutanond.

"The foreigners were charged with fraud and working illegally," he said. "If they are found guilty, they will be sentenced in Thailand before being sent back to their own countries."

The Garda press office said it was not aware of the fraud and had not been contacted by the Thai authorities about the involvement of any Irish nationals.

The fraud is well known in Bangkok, where backpackers boast of being able to earn handsome salaries for manning the phones in headquarters set up in downtown office buildings.