Four Russians held in THB5bn Chonburi nominee property probe

The operation focused on 33 companies suspected of using Thai shareholders to conceal foreign control of property businesses and circumvent legal restrictions on foreign business activity and land ownership. Pol Lt Gen Nopasil Poolsawat , a commissioner attached to the Office of the National Police Chief, led the raids on Friday (July 17). Police executed four arrest warrants and 41 search warrants across the province, including at a housing development in Bang Lamung district where authorities are examining suspected proxy ownership of land. All four Russian suspects named in the warrants were taken into custody. Officers also seized company-registration files, accounting records, computers, mobile phones and a large volume of electronic data for examination as investigators trace money flows and seek possible links to a broader domestic and international network. Thirty-three companies face investigation The immediate investigation covers 33 companies linked to 32 plots of land valued at approximately THB235 million. Authorities suspect that Thai nationals may have been listed as shareholders on behalf of foreign beneficiaries, potentially allowing the companies to avoid restrictions applying to foreign ownership and participation in certain businesses. The inquiry grew from a Chonburi provincial task force established to investigate unlawful foreign business activity following earlier arrests involving foreign property brokers and suspected nominee structures. Immigration police, Chonburi Provincial Police and officials responsible for business registration, land, taxation and commerce subsequently combined their findings to widen the investigation. Police stressed that the companies and individuals remain subject to investigation and that legal responsibility must be determined through the judicial process. Estate advertised as ‘Russian village’ A central strand of the inquiry involves a housing estate reportedly advertised for sale and rent through Russian-based websites. Investigators found that the development was being described online as a “Russian village”, prompting closer scrutiny of how its houses and underlying land were owned and controlled. According to the police findings, more than 495 companies had been established to hold about 775 detached houses across five developments. The properties were valued collectively at more than THB5 billion. Of those companies, 435 had foreign shareholders. Investigators identified 19 companies suspected of using nominee shareholders and a further 14 in which foreign shareholdings allegedly exceeded legal limits while the businesses held land. Those two groups make up the 33 companies now targeted for possible legal action. Two Thai accountants linked to 186 companies Police are also examining the role of two Thai accountants who were found to hold shares in a combined 186 companies. The shares were valued at more than THB216 million, while the companies were connected to landholdings across several property developments. Investigators will assess whether the accountants made genuine investments using their own funds or whether they held shares on behalf of foreign nationals. Their financial capacity, sources of capital and involvement in the companies’ management are expected to form part of the inquiry. Company data raises wider questions Authorities reported that Chonburi had 76,343 registered legal entities, including 28,463 with foreign shareholders. They also reported that 34,264 entities had characteristics potentially associated with nominee arrangements. The figures point to the scale of the screening effort, although further clarification may be needed because the reported number of potentially suspicious entities is higher than the stated number of companies with foreign shareholders. The investigation in Chonburi comes amid a broader national campaign against corporate structures suspected of enabling foreigners to operate restricted businesses or control land through Thai proxy shareholders. A separate nominee-business investigation announced earlier this week examined 34 companies connected to property, hotel and wellness operations, including firms linked to Chinese and Israeli investors. Authorities have been checking funding sources, effective control and whether Thai shareholders had the financial means to make genuine investments. Police promise nationwide expansion The Royal Thai Police said the Chonburi operation formed part of a continuing effort to dismantle concealed foreign business networks and prevent the use of Thai nationals as nominee shareholders. The campaign is particularly focused on land ownership and business activities that are prohibited or restricted for foreign nationals under Thai law. Investigators will continue examining financial records and electronic evidence to identify other participants, beneficiaries and facilitators in Thailand and overseas. Police said action would be expanded nationwide to protect national interests, promote fair competition for legitimate businesses and safeguard Thailand’s economic security. Members of the public can report suspected illegal foreign investment or nominee arrangements at police stations nationwide or through the Royal Thai Police hotline on 1599, available around the clock.