The Central Investigation Bureau dismantled a Chinese nominee network controlling 33 luxury houses valued at 1.275 billion baht. They established front companies to hold real estate, seizing land titles, share transfer documents, and company seals, using Thai nationals as shareholders before selling or leasing to Chinese clients.
At 2:00 p.m. on 22 July, at the press room on the 2nd floor of the Central Investigation Bureau headquarters, Pol. Lt. Gen. Natthasak Chaowanasai, Commander of the Central Investigation Bureau, Pol. Maj. Gen. Thasphoom Jaruprat, Commander of the Economic Crime Suppression Division, Pol. Col. Chamnan Janthes, Chief of Division 4, and officers from Division 4 jointly announced the results of the operation “Dismantling the Chinese Nominee Capital Empire.” They cracked down on a network using nominees to hold real estate on behalf of foreigners. After raiding 20 locations and inspecting luxury homes in high-end neighborhoods on Phatthanakan and Krungthep Kreetha roads, they seized assets valued at over 1.275 billion baht.
Pol. Lt. Gen. Natthasak said the investigation began after receiving information from the Department of Business Development and public complaints about many Chinese residents in luxury housing estates causing disturbances to neighbors. The investigation uncovered the establishment of front companies with Ms. Piyanuch and her mother Mrs. Sakorn as shareholders and directors in name only, while the real decision-maker was Mr. Hao Deng, a Chinese national.
Further checks revealed 33 companies were set up to hold 33 luxury houses valued at over 1.275 billion baht, with all capital funded by Mr. Hao Deng.
The raids yielded key evidence including three land title deeds, 30 sets of sales contracts and ownership documents, 15 passports of various nationalities, 13 electronic devices, objects resembling Thai and foreign banknotes worth approximately 1.4 million baht, 24 company documents and financial statements, and six company seals.
Pol. Maj. Gen. Thasphoom explained the network used Thai nationals as nominees to set up companies to bypass foreign ownership laws. Their methods included three types: using nominee companies to buy two houses initially, then restructuring shareholders to transfer ownership to Chinese buyers for three houses, and using nominee companies to purchase houses before leasing or selling through Chinese agencies for the remaining 28 houses.
Authorities also found 30 share transfer documents pre-signed by Ms. Piyanuch and Mrs. Sakorn, prepared to change shareholders as directed by Mr. Hao Deng. This shows the two women’s roles were merely to lend their names for company formation, while all funding came from Mr. Hao Deng.
Investigators plan to request court-issued arrest warrants for all suspects on charges under the 1999 Foreign Business Act for using Thai nominees to hold shares, as well as land code violations. They will report investigation results to the Department of Lands to enforce relevant laws on land and building transactions, and will continue pursuing all involved Thai and foreign accomplices for prosecution.
