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"Development of B2bn Condos Associated with Potential Candidates"

Thai authorities detain a Chinese-based alliance, suspected of purchasing 2 billion baht worth of property for a high-end condo development in Rayong district.

Busted: Chinese Nominee Group Accused of Swindling Thai Land for Luxury Condos

"Development of B2bn Condos Associated with Potential Candidates"

A Chinese-led front group has found itself in hot water with Thai authorities, accused of illegally acquiring land worth 2 billion baht for a lavish condo project in Rayong province.

This syndicate went undercover, securing 72 rai of land for a project run entirely by Chinese nationals - from the high-ranking officials down to the manual laborers, as revealed by Pol Maj Gen Thatphum Jaruprat, head of the Economic Crime Suppression Division (ECD).

This latest operation, dubbed "CIB Nominee Sweep EP.3," unfolded across three locations in Rayong and Chon Buri. This marks the third wave of crackdowns following earlier raids in Phuket and the Huai Khwang area of Bangkok, according to Pol Maj Gen Thatphum during a briefing on Thursday.

Authorities confiscated critical documents and slapped charges on five board members and shareholders, both domestic and foreign, alongside supervising engineers, plumbers, and construction workers.

Preliminary construction for the notorious project has already commenced on the plots of Rayong land believed to have been nabbed by nominees for Chinese investors.

Probing deeper into the matter, investigations pinpointed four enigmatic companies that investigators claim acted as proxies for Chinese investors.

These companies seized land in Rayong and Chon Buri to erect ten eight-story condo buildings with a cumulative 1,821 units.

The group employed a cunning scheme, employing one company to hold shares in the name of another to disguise true ownership, explained Pol Col Wichak Tarom, ECD's deputy chief.

The Chinese brethren oversaw every aspect of the project - from engineering to construction plans - even establishing a concrete production facility to accommodate their ambitious project. A thorough financial investigation into a Hong Kong-registered company unearthed more than 500 million baht in questionable transactions.

Police seized seven land title deeds, 48 bank passbooks showing a combined balance of 72 million baht, a desktop computer, two laptops, three mobile phones, land purchase contracts, six company seals, and seven bank tokens, reveals Pol Col Krit Woratat, chief of ECD sub-division 4.

The ECD will pass the land data to the Department of Land, which may compel the companies to overhaul their ownership structure or force the sale of the properties to Thai nationals to adhere to foreign ownership regulations.

[1] https://www.bangkokpost.com/thailand/general/1882333/thai-police-arrest-chinese-led-nominees-in-2bn-condo-land-scam[2] https://www.bangkokpost.com/thailand/general/1882333/thai-police-arrest-chinese-led-nominees-in-2bn-condo-land-scam[3] https://www.publicnow.com/view/3BEED5EB9C8D92972A7FE37D7F19847D8360118E[4] https://www.bangkokpost.com/thailand/general/1861185/chinese-led-nominee-group-linked-to-th-condo-land-purchases-values-at-2bn

  1. The Chinese-led front group, allegedly involved in a 2 billion baht condo land scam in Rayong province, was operating undercover and securing land for a project run entirely by Chinese nationals.
  2. According to Pol Maj Gen Thatphum, this syndicate was accused of illegally acquiring 72 rai of land in Rayong and Chon Buri, as part of a larger plots of land meant for ten eight-story condo buildings with a cumulative 1,821 units.
  3. Authorities claimed that the group employed a cunning scheme, using shareholding strategies to disguise true ownership, and investing in a Hong Kong-registered company with over 500 million baht in questionable transactions.
  4. The ECD is planning to pass the land data to the Department of Land, which may compel the companies to overhaul their ownership structure or force the sale of the properties to Thai nationals to comply with foreign ownership regulations in the real-estate industry of finance.
Thai authorities apprehended a Chinese-headed gang, presumed to have bought 2 billion baht worth of land for a luxurious condo development in Rayong province.

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