Police bust 'Chinese nominee network' holding 33 luxury homes in Thailand
Police in Thailand dismantled a suspected Chinese nominee network that bought 33 luxury homes to make a 'Chinese village'.
The Central Investigation Bureau on Wednesday raided housing estates across Bangkok with properties allegedly bought through Chinese-led shell companies.
Police said the operation followed complaints that a large number of Chinese nationals were causing disturbances in the luxury properties.
Investigations found that the homes had been purchased by companies registered under a Thai woman, Piyanuch, and her mother, Sakhon.
The pair claimed they helped Chinese national Hao Deng secretly establish nominee companies to set up a real estate empire worth more than 1.275 billion baht.
Police seized three land title deeds, 30 sets of purchase agreements and title documents, 15 passports from multiple countries, 13 electronic devices, 'cash-like items' resembling Thai and foreign currency totalling approximately 1.4 million baht, 24 lease agreements, receipts, corporate and financial documents, and six company seals.
All three suspects were arrested and charged over violations of the Foreign Business Act and the Land Code.
Officials said the network targeted Chinese buyers looking to own homes in Thailand for personal use or to rent out to fellow Chinese nationals.
Hao allegedly teamed up with Piyanuch and Sakhon to buy 33 luxury homes across three housing estates, with Hao supplying all the funding to register the companies and purchase the properties.
Officers also confiscated 30 pre-signed share transfer forms to facilitate company ownership changes at Hao's instruction.
The Economic Crime Suppression Division said it will submit its findings to the Department of Lands to begin legal proceedings for the disposal of the land and buildings.
The Central Investigation Bureau will also expand the investigation to identify other nominee arrangements involving real estate ownership in other locations and bring those responsible to justice.
The latest raid followed nationwide crackdowns as Thai police on July 23 raided 33 nominee companies in resort city Pattaya.
The operation covered 32 land plots worth 235 million baht, with four arrest warrants and 41 search warrants executed as part of the ongoing investigation.
