NONTHABURI, Thailand – The Anti-Money Laundering Office (AMLO) has temporarily seized a luxury housing project funded by Chinese capital, located on the banks of the Chao Phraya River in Nonthaburi pending an investigation, Oct 8.
The 12-acre luxury mansion project with a total value of about 1.5 billion baht features approximately 60 five-story villas, each equipped with a basement and swimming pool, and is estimated to be worth between 200 million and 700 million baht.
The luxurious mansion project is primarily owned by a group of Chinese investors, with two Thai businessmen also on the board of directors.
The development, which began construction in February 2024 and is slated for completion in the same month next year, has been entirely staffed by Chinese workers on rotating tourist visas.
Local authorities, including immigration officials, have launched a joint investigation into the project. While the development has received the necessary permits from the Nonthaburi Municipality, the AMLO has placed a seizure order on the property, alleging potential money laundering activities. Despite the AMLO’s seizure order, construction has continued.
The project has also faced scrutiny over the employment of hundreds of Chinese workers, many of whom may be working illegally. Authorities are investigating whether these workers possess the necessary work permits.
While the AMLO’s seizure order does not halt construction, it prohibits the removal of any assets from the property.
The project owners are required to provide an explanation to the AMLO, which will conduct an investigation and gather evidence. If any wrongdoing is found, the AMLO will file a lawsuit within 90 days. This will result in another order to proceed with a full asset seizure. (TNA)
