The Economic Crime Suppression Division (ECSD) of the Royal Thai Police on Friday cracked down a large Thai nominee network that illegally helped foreigners, mostly Russians, to register setting up real estate companies with more than 1 billion baht circulation.
During the crackdown operation targeting Thai nominee networks for Russian in Phuket, the ECSD could seize 225 bank accounts with more than 300 million baht in circulation to register new companies, 245 land documents, including those for 196 condominium units worth about 1 billion baht, documents related to the setting up of 800 companies; 1,601 company stamps, and other nine assets.
Pol Maj Krit Worathat, a police superintendent of the ECSD said that according to the information, the main suspect, Ms Iana, 45, is involved as a director and shareholder alongside Thais in nine companies – the highest number for a foreigner in Phuket.
These included seven real estate companies, one service company and one travel company. The processes to set up all nine companies are operated by an accounting company in Phuket. This company used its staff as well as their relatives as nominees to circumvent legal restrictions and avoided the inspection to run the business in Thailand.
After expanding the investigation on the lists of the committee members in the accounting company, the police found links with 272 companies, including 130 nominee companies for foreigners, mainly operating in the real estate, tourism and services sectors, with a total registered capital of 679 million baht.
Police initially arrested and prosecuted 231 people including 96 legal entities, 135 suspects including 98 foreign suspects who were doing business without authorization and 37 Thai nationals who were acting as agents to support foreign companies. They face the penalty of imprisonment and fine. (TNA)
