Investigators uncovered suspected nominee networks linked to foreign-owned property and tourism businesses after searching five locations on Koh Samui and Koh Phangan in Surat Thani, with one site found to be the registered address of more than 100 companies.
The Department of Special Investigation (DSI), working with state agencies, raided the locations on Friday as part of a probe into possible violations of the Foreign Business Act involving the use of Thai nationals as nominee shareholders, said DSI director-general Pol Maj Yutthana Praedam.
The operation followed information from the Department of Business Development on 34 companies suspected of using Thais to conceal foreign ownership of restricted businesses.
At one target, a luxury villa development in Bo Phut on Koh Samui, investigators found documents relating to shareholdings, land ownership, property transactions, construction contracts and financial records. The company was linked to 15 land plots covering nearly 98 rai, with a land value of 1.57 billion baht.
Pol Maj Yutthana said the development was promoted as a project involving Chinese investors, while Chinese nationals played roles in management and business decisions. The site was also linked to at least five related companies involved in property development, construction, marketing and sales.
A second target, a law office on Koh Samui, was found to be connected to more than 150 companies. Investigators seized land documents, shareholding records, sales agreements and service contracts.
More than 100 companies linked to the office were found to hold property and other assets worth about 795 million baht, while more than 103 companies used the same address as their registered headquarters.
Other searches involved companies linked to Israeli nationals running hotels, accommodation businesses, wellness centres and rental properties, he said. Ownership structures, sources of investment and whether the businesses complied with licensing requirements are being probed.
Justice Minister Pol Lt Gen Rutthapon Naowarat said the DSI would expand its investigations on Koh Samui and Koh Phangan, particularly cases involving suspected foreign nominees.
