Chonburi/Rayong – Police and business regulators launched coordinated raids Wednesday on three real estate firms allegedly operating illegal property schemes for Chinese investors in Thailand’s crucial Eastern Economic Corridor (EEC) zone. The crackdown netted eleven suspects and uncovered a sophisticated web of financial deception.

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Economic Crime Suppression Division officers, backed by Business Development Department officials, stormed offices in Chon Buri and Rayong provinces following months of surveillance. Evidence seized included stacks of Thai and Chinese bank passbooks, bundles of land title deeds, and corporate documents exposing what investigators called “a textbook nominee shareholder scheme.”

At the heart of the case lies a massive 3.84-hectare condominium development in Rayong featuring plans for ten eight-story buildings containing 1,821 units. With units priced at 1.5 million baht each, the total project value approaches two billion baht. Police confirmed two buildings were already under construction when authorities moved in.

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Chinese investors allegedly recruited Thai nationals to serve as front shareholders, illegally circumventing foreign business ownership restrictions. The arrangement allowed Chinese backers to:

• Purchase prime EEC land
• Develop large-scale projects
• Potentially funnel money through Thai accounts

All eleven suspects – a mix of Thai and Chinese nationals – now face serious charges under Thailand’s Foreign Business Act. If convicted, they risk up to five years imprisonment and fines reaching one million baht per violation.

The case exposes glaring vulnerabilities in Thailand’s property sector as authorities struggle to monitor surging foreign investment in the strategically vital EEC. With Chinese developers increasingly targeting the corridor’s special economic zones, Wednesday’s raids signal a tougher stance against nominee arrangements that flout ownership laws.

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Investigators are now tracing financial flows to identify additional properties acquired through similar schemes. The Department of Business Development warned more enforcement actions are imminent as Thailand tightens oversight of foreign real estate investments.

Reporting by Chonburi and Rayong bureaus.

-Thailand News (TN)