CHON BURI: Four Russian nationals have been arrested after police launched a major crackdown on suspected foreign nominee businesses, uncovering links to property holdings worth more than 5 billion baht.
Deputy National Police Chief Pol Gen Samran Nuanma announced the results of the operation on Friday after officers searched 41 locations across the province under the fourth phase of a nationwide campaign targeting illegal nominee arrangements.
The investigation began after Chon Buri set up a special task force in April, bringing together officials from several agencies, including the Department of Business Development, Land Department, Revenue Department, immigration police and tourist police.
According to Pol Gen Samran, a Russian group had used a Russia-registered website to advertise houses for sale and rent in a housing development in Chon Buri, promoting it as a community for Russian residents.
Investigators found that about 775 homes across six housing projects, with a combined value exceeding 5 billion baht, were held through 495 companies. Of those, 435 involved foreign shareholders.
Police identified 33 companies for legal action. Nineteen are suspected of using Thai nominee shareholders on behalf of foreigners, while 14 are accused of violating foreign ownership and landholding regulations.
The Pattaya Provincial Court approved four arrest warrants for Russian suspects and search warrants for 41 locations. All four suspects were arrested.
Officers seized company registration records, accounting documents, computers, mobile phones and electronic data for further investigation into associated networks in Thailand and abroad.
The operation involves 54 suspects, both Thai and foreign nationals. The assets and land directly linked to the cases are valued at about 235.2 million baht, Pol Gen Samran said.
Networks under scrutiny
One major case centres on land in Ban Bueng district, where investigators suspect Thai nationals were used to hold five plots covering about 268 rai on behalf of a Chinese investment group. The land is valued at around 346 million baht.
The investigation had also uncovered large corporate networks in which only a small number of individuals appeared as shareholders in hundreds of companies. In one case, three people were linked to 328 companies, while another network involved two individuals connected to 172 firms. A third group involved three people tied to about 70 companies.
“These are structures that require close examination to determine whether companies were established to facilitate foreign investors in circumventing legal restrictions,” he said.
The deputy police chief stressed that Thailand continues to welcome foreign investment and tourism, but investors must comply with Thai law.
“Thai shareholders must be genuine business partners and investors, not individuals whose names are used merely to bypass legal requirements,” he said.
He also warned law firms, accounting offices and company registration service providers against helping clients evade the law, saying those found to have facilitated illegal nominee arrangements would face legal action.
