250 Officers Raid 18 Chiang Mai Sites in Massive Nominee Network Crackdown

More than 250 officers raided 18 locations across Chiang Mai yesterday as part of a nationwide crackdown on nominee businesses suspected of using Thai nationals to conceal foreign ownership. The operation, dubbed ‘Foreign Nominee Network Crackdown Phase 5,’ targeted 31 companies identified during a joint investigation into suspected violations of Thailand’s foreign business laws.

Officials said they analysed records from 33,144 registered companies in Chiang Mai and found 4,741 with foreign shareholders. A deeper investigation identified 1,591 directors and shareholders with overlapping links that were considered suspicious. Investigators later narrowed the probe to 31 companies. They allege that 16 companies used Thai nationals as nominee shareholders, while 15 companies held land despite foreign ownership exceeding 50%.

The investigation covers 29 plots of land spanning more than 20 rai, with the combined value of land, buildings and other assets estimated at 633 million baht. Police have filed 31 criminal cases involving 74 suspects. The Chiang Mai Provincial Court approved 22 arrest warrants and 18 search warrants covering suspects of several nationalities, including Thai, Myanmar, Indian, British and Chinese nationals.

Police said eight suspects had been arrested, comprising one Thai national, two Chinese nationals, two Indian nationals and three Myanmar nationals. Officers are continuing to search for the remaining 14 suspects. One of the main cases involves a housing estate in Saraphi district, where investigators said they found four companies allegedly using Thai nominees to conceal foreign ownership.

Article and image source: thethaiger.com