Thai Police Raid Chinese Nominee Network Behind THB 2 Billion Luxury Condo Project

Economic Crime Unit uncovers elaborate foreign ownership scheme in Rayong and Chonburi provinces

 

Thai authorities have dismantled a sophisticated network of nominee companies allegedly concealing Chinese ownership of a massive property development in eastern Thailand, following coordinated raids across multiple locations.

 

Officers from the Economic Crime Suppression Division (ECD), Central Investigation Bureau (CIB), announced the results of "CIB Nominee Sweep ep.3," targeting four companies suspected of being nominees for Chinese investors building luxury condominiums worth ฿2 billion in Rayong province.

 



 

The operation, led by Pol Maj Gen Thatphum Jaruphat, Commander of the ECD, resulted in the prosecution of five company directors and shareholders, along with several Chinese nationals found working illegally at construction sites.

 


"Our investigation revealed that these four companies had acquired 72 rai (approximately 28.4 acres) of land in Chonburi and Rayong provinces to establish company premises and a residential project consisting of ten 8-storey condominium buildings with over 1,821 residential units," explained Pol Maj Gen Thatphum at a press conference held at the Central Investigation Bureau Headquarters on Thursday.


 



 

Pol Col Wijak Tarom, Deputy Commander of the ECD, detailed how the suspects established an intricate web of cross-shareholdings between companies to evade scrutiny by regulatory authorities.

 


"Chinese representatives were brought in to oversee and manage all aspects of the construction operations," said Pol Col Wijak. "They established their own concrete production company for the residential project and employed Chinese engineers, designers, electrical and plumbing system technicians, and construction labourers."
 


  

Financial investigations uncovered evidence of fund transfers from a Chinese investor company registered in Hong Kong, with over 500 million baht circulating through the companies' accounts.

 



 

During raids at three locations across Rayong and Chonburi provinces, authorities seized title deeds for seven land plots, 48 Thai and Chinese bank account books containing 72 million baht, computers, mobile phones, company seals, and various financial documents.

 

The legal proceedings have been divided into two parts, according to Pol Col Krit Worathat, Superintendent of Sub-Division 4 of the ECD.

 

The first involves prosecuting company directors and shareholders for violations of the Foreign Business Act B.E. 2542 (1999) and the Land Code Act B.E. 2497 (1954). All suspects have denied the allegations during initial questioning.

 

The second part targets foreigners who entered Thailand and worked illegally, in violation of royal decrees governing foreign employment. Local police stations will proceed with legal action and deportation for these individuals.
  



 

The Department of Lands will now order the companies to rectify the proportion of foreign shareholders to Thai nationals. Failure to comply will trigger a process whereby the land must be sold within a specified timeframe to ensure ownership reverts to Thai nationals.

 

The four companies facing prosecution have been identified as Good View Co., Ltd. (Hong Kong nationality), Terra Co., Ltd. (Thai nationality), Sky Co., Ltd. (Thai nationality), and Ocean Co., Ltd. (Thai nationality).

 



 

This operation marks the third major crackdown on foreign nominee businesses following similar operations in Phuket and Bangkok's Huai Khwang district.

 

M.L. Phuthong Thongyai, Deputy Director-General of the Department of Business Development, who participated in the joint operation, emphasised the government's commitment to enforcing regulations on foreign business ownership in Thailand.

(2025/05/01-00:00)