Thirteen foreigners were arrested on Monday when police raided a housing and pool-villa estate in Hua Hin, after they were found using Thai nominee shareholders to buy properties for them.
The arrests were made in the sixth phase of the nationwide crackdown on nominee structures led by deputy national police chief Pol Gen Samran Nualma.
Pol Gen Samran told reporters Monday's operation involved more than 200 officers and targeted a housing and pool-villa complex in tambon Thap Tai in Hua Hin district of Prachuap Khiri Khan province. Houses in the unnamed estate sold for 10-20 million baht.
The arresting officers had 45 court arrest warrants for foreigners and summonses for 39 Thai nationals also involved.
They searched 15 premises and found six companies with Thai shareholders holding land on behalf of foreign nationals.
The 13 arrested foreigners consisted of four Chinese nationals, three Britons, an Italian, a Frenchman, a Dutchman, an Austrian, a Filipino and an American.
According to investigators, the suspects said they wanted to own real estate in Thailand and had each been advised by law and accounting firms to set up a property-holding company. They believed their ownership was lawful.
However, the companies in question had not conducted any actual business, Pol Gen Samran said. This was consistent with statements given by the Thai individuals listed as shareholders, who said they were merely nominees for the foreigners, he said.
The Thai nominees said they had not paid for any shares, managed any of the operations or seen the companies’ financial documents or proof of share ownership.
Police seized corporate records and electronic devices to trace the financial network and expand the investigation.
The broader nominee crackdown launched early this year has previously covered key tourist destinations in Surat Thani, Phangnga, Phuket, Krabi, Chon Buri and Chiang Mai.
Authorities have inspected a total of 233 blocks of land and buildings covering more than 160 rai, with an estimated value of 2.5 billion baht.
Courts approved a total of 133 arrest warrants, and 20 cases had already resulted in convictions, police said.
