DSI investigates 3 Thai nominees holding CREC shares, Xin Ke Yuan tax fraud

The DSI is set to charge three Thai nationals who acted as nominees for China Railway Number 10, holding shares in the company as representatives of foreign nationals in the construction sector. Meanwhile, the Revenue Department files charges against "Xin Ke Yuan" for tax fraud.

As reported earlier, the Department of Special Investigation (DSI) has taken over the nominee case involving China Railway Number 10 (Thailand) Co., Ltd., the construction company responsible for the collapse of the State Audit Office (SAO) building following an earthquake. The case has been categorized as a special case under the Foreign Business Act of 1999.

Pol Lt Col Woranan Srilam, DSI spokesperson, stated that on Wednesday (April 2), DSI officials, along with revenue officers, visited China Railway Number 10 (Thailand)'s office. Their focus was on examining evidence, including joint venture agreements, corporate records, and related individuals, which led to the nominee investigation.

In the case of the three Thai nationals who are major shareholders in China Railway Number 10, the DSI is urgently verifying their information. Current evidence suggests that their financial profiles do not align with owning shares in a large business, and they are involved in several other companies.

If sufficient evidence is found, charges for acting as nominees under the Foreign Business Act 1999 will be filed.

Regarding the substandard steel case involving Xin Ke Yuan Steel Co., Ltd., the Thai Industrial Standards Institute (TISI) is currently reviewing the matter. The DSI will collaborate with TISI for further information.

The first meeting of the investigative team will take place on Friday (April 4), during which the case will be officially opened, key investigation points will be outlined, responsibilities assigned, and the first group of witnesses considered for summons.

Pol Capt Surawut Rangsai, DSI spokesperson, added that this morning, revenue officials filed a complaint with the DSI against Xin Ke Yuan Steel. The company is accused of issuing fraudulent tax invoices between 2015 and 2017, resulting in damages of over 200 million baht. With penalties, the total amount could reach 1 billion baht.



Once the investigation begins, the DSI will review evidence to issue summons for individuals connected to Xin Ke Yuan Steel. Depending on the evidence, this case could be integrated with the nominee investigation or treated as a separate special case.

(2025/04/03-00:00)