BANGKOK – Thai police have uncovered a massive real estate scheme in Bangkok involving local proxies and illegal foreign ownership. Officers raided 20 locations across the capital, seizing 33 luxury homes valued at more than 1.275 billion baht ($35 million). According to a report by Thairath, a Chinese mastermind allegedly used front companies to purchase and lease high-end properties illegally.
Key Takeaways
- Police raided 20 locations in Bangkok, seizing 33 luxury homes worth over 1.275 billion baht.
- A Chinese national allegedly used Thai family members as proxy shareholders to operate 33 shell companies.
- Authorities found pre-signed share transfer documents that gave the foreign investor complete hidden control over the properties.
The investigation began after residents filed noise and nuisance complaints about high numbers of foreign occupants in their neighborhood. Investigators from the Economic Crime Suppression Division quickly joined forces with the Department of Business Development to trace corporate records. Their joint efforts revealed a suspicious web of shell companies created specifically to bypass Thai foreign ownership restrictions.
Police identified a Chinese national, Mr. Hao Deng, as the true financial authority behind the entire property network. He allegedly paid two Thai women, a mother and her daughter, to act as fake shareholders and corporate directors. By placing their names on registration documents, the group created 33 separate companies to purchase 33 luxury residential units.
Shell companies and pre-signed contracts revealed
During the raids in Pattanakarn and Krungthep Kreetha, officers seized extensive physical and electronic evidence from the targeted properties. The seized items included land title deeds, sales contracts, 15 multi-nationality passports, corporate seals, and 1.4 million baht in cash. Investigators also discovered 30 sets of pre-signed share transfer forms signed in advance by the Thai proxies.
These pre-signed documents allowed the Chinese owner to shift corporate ownership instantly whenever a buyer or renter was found. Officers explained that the network operated under three main business tactics to maximize profits and hide paper trails. Some homes were bought for direct resale to wealthy foreign clients through Chinese real estate agencies.
Police are now obtaining arrest warrants for all suspects under the Foreign Business Act and national land management laws. Authorities plan to report their detailed findings to the Land Department to initiate legal procedures for selling off the illegally held properties. Officials emphasized that they will expand the probe to track down all Thai and foreign accomplices involved in the scheme.
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