MyoTaw Thai Police Dismantle Chinese Business Network Illegally Acquiring Luxury Properties Worth Over 1 Billion Baht Through 33 Shell Companies

Thai police dismantle a Chinese business network that illegally purchased luxury properties worth over 1 billion baht through 33 nominee companies

July 22

Thai police have uncovered and dismantled a major Chinese business network that illegally purchased 33 luxury properties worth over 1.275 billion baht using 33 nominee companies to circumvent laws regarding foreign property ownership in Thailand.

Today, July 22, the Department of Special Investigation (DSI) of Thailand conducted searches at 20 locations, including luxury housing estates in the Phra Khanong and Bangkok Kritha areas, seizing property documents, 15 passports, electronic devices, and company documents.

The operation was based on complaints from local residents about disturbances caused by Chinese nationals living together in the luxury housing estate, as well as reports from the Department of Business Development (DBD).

Investigations revealed that the Chinese business network used Thai nationals Piyanat and her mother Sakon as nominee shareholders and directors of the companies, while the main behind-the-scenes operator was a Chinese national named Hao Deng.

The network established 33 nominee companies to purchase properties in order to avoid legal restrictions on foreign land ownership. After purchasing the properties, they changed the shareholder structure to transfer ownership to Chinese nationals, and also engaged in renting and reselling through Chinese real estate agents.

Currently, the offenders have been charged under the Foreign Business Act as well as land law violations. Authorities stated that they will continue to identify and take legal action against Thai nationals and foreigners involved in the network.

Ref & Photo; Khaosod

MyoTaw News Channel