Help identifying this frame's true maker

Duae rotae

Retro Newbie
I suspect this frame is not a Mercier. What is certain is that it began its life blue coloured and has been resprayed at some point to this colour. The bike's most discerning feature is the embossed M on the seat tube (which appears on both sides) and its decorative lug work. There is a serial on the bottom bracket which reads T 070617. There are no stud marks for any front emblem.
Any hints as to what it actually might be? I am not sure the 531 front fork would have been original to this frame. (Although maybe I've started doubting everything).

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