Thai Police Bust Chinese-Led Nominee Group Tied to 2-Billion-Baht Condo Project
Unmasking the Mystery Behind the Luxury Rayong Development
"Development of a Billion-Dollar Condominium project allegedly associated with prominent nominees"
Delve into the thrilling saga of Thailand's Economic Crime Suppression Division (ECD) as they take down a Chinese-led nominee group suspected of amassing 2 billion baht worth of land for a lavish condominium project in Rayong province.
The PlayStation: Rayong's Red Hot Real Estate Deal
According to Pol Maj Gen Thatphum Jaruprat, the ECD's big boss, the Chinese-run operation aimed to construct the entire development from management to construction using solely Chinese nationals. The sting operation, dubbed "CIB Nominee Sweep EP.3," unfolded simultaneously at three locations across Rayong and Chonburi provinces, marking the third raid following earlier busts in Phuket and Bangkok's Huai Khwang area.
Behind the Scenes: a Closer Look
Authorities swooped in and confiscated crucial documents, setting their sights on five board members and shareholders—both Thai and Chinese—as well as key engineers, plumbers, and construction workers. Some progress had already been made on the land plots in question, allegedly acquired by nominees for Chinese investors.
An Intricate Web of Deceit
Preliminary investigations revealed a tangled web of four registered companies suspected of acting as proxies for the Chinese investors. These firms had purchased land in Rayong and Chonburi to erect ten eight-story condo buildings boasting a total of 1,821 units.
The Art of Obfuscation
Investigators discovered a devious pattern of scheme-within-a-scheme as one company was utilized to hold shares under the guise of another, ultimately masking true ownership.
Swinging Hong Kong into the Equation
Delving deeper into the financial aspect of the case, a financial investigation uncovered more than 500 million baht in transactions linked to a Hong Kong-registered company, providing concrete evidence of foreign control.
The Pieces Fall Into Place
To seize crucial evidence, police seized seven land title deeds, 48 bank passbooks showing combined balances of 72 million baht, a desktop computer, two laptops, three mobile phones, land purchase contracts, six company stamps, and seven bank tokens.
The Future Holds Promise
The ECD will present the seized land documents to the Department of Land, which may enforce shareholding restructuring or court-ordered sales to Thai nationals. The Land Department will carry out separate proceedings to address the matter.
The Game is Afoot
Police are gearing up for the next moves, planning to summon 3–4 additional Thai shareholders within the week, while teaming up with the Attorney General to pursue transnational crime charges in light of the Hong Kong corporate links. Stay tuned for more updates on this rollercoaster investigation!
- The Chinese-led nominee group, allegedly tied to a luxury real-estate development in Rayong province, was busted by the Thai Economic Crime Suppression Division (ECD).
- The ECD's investigation revealed a complex web of four registered companies suspected of acting as proxies for Chinese investors in Rayong and Chonburi provinces.
- Preliminary findings suggest that these companies purchased land to erect multiple condominium buildings, involving plots, shareholding, and the finance industry, as part of an intricate scheme.
- Further financial investigations led to the discovery of significant transactions linked to a Hong Kong-registered company, indicating foreign control and plotting potential transnational crime charges.
