Thai police have arrested a Chinese-led nominee group suspected of acquiring land worth 2 billion baht for a luxury condominium project in Rayong province.
The group had acquired 72 rai of land for a project that was to be run entirely by Chinese nationals — from management to construction, said Pol Maj Gen Thatphum Jaruprat, chief of the Economic Crime Suppression Division (ECD).
The crackdown took place at three locations across Rayong and Chon Buri. It was the third operation following earlier raids in Phuket and the Huai Khwang area Bangkok, Pol Maj Gen Thatphum said at a briefing on Thursday.
Authorities seized crucial documents and are pressing charges against five board members and shareholders — both Thai and Chinese — as well as supervising engineers, plumbers and construction workers, he said.
Some construction has already taken place on land plots in Rayong allegedly acquired by nominees for Chinese investors. (Photo supplied/Wassayos Ngamkham)
Investigations revealed four registered companies suspected of being proxies for Chinese investors.
The firms had purchased land in Rayong and Chon Buri to build 10 eight-storey condo buildings with a total of 1,821 units.
The group used one company to hold shares in place of another company to obscure true ownership, said Pol Col Wichak Tarom, the ECD deputy chief.
Chinese nationals oversaw all stages of the project, from engineering to construction, even opening a concrete production firm to support the project, he added.
A financial investigation uncovered over 500 million baht in transactions linked to a Hong Kong-registered company.
Police seized seven land title deeds, 48 bank passbooks showing combined balances of 72 million baht, a desktop computer, 2 laptops, 3 mobile phones, land purchase contracts, six company seals and seven bank tokens, said Pol Col Krit Woratat, chief of ECD sub-division 4.
The ECD will forward the land data to the Department of Land, which may force the companies to restructure their shareholding or have the properties sold to Thai nationals.