Unraveling the Luxury Condo Scam: A Chinese-led Nominee Group under Fire
Candidates Associated with a $2 Billion Condominium Project Development
Turns out a shady Chinese-led group is in hot water for allegedly snatching up prime real estate in Rayong Province, worth a cool 2 billion baht, for a swanky condo project. The gang's up to no good, as it seems they've been employing a nominee system to acquire the land and keep their dirty hands hidden.
According to Pol Maj Gen Thatphum Jaruprat, this is a full-on Chinese operation—from management to construction. Three major locations in Rayong and Chon Buri were the scene of the crackdown, marking the third raid in a row, following earlier stings in Phuket and Bangkok's Huai Khwang district.
Authorities have rounded up five bigwigs, both Thai and Chinese, as well as a whole crew of engineers, plumbers, and construction workers. They've also scrambled crucial documents to put the screws on these crooks.
The group has already started construction on several Rayong land plots that they allegedly nabbed through nominees for Chinese investors. (Snapped a pic for ya, take a gander.)
The four main firms suspected of acting as nominees for the Chinese investors bought up land in Rayong and Chon Buri to build ten, eight-story condo buildings with a whopping 1,821 units altogether.
To pull off this intricate ruse, they molded one company into a placeholder, concealing the real ownership from regulatory eyes. Several Chinese nationals called the shots at every stage of the project, from engineering to construction. They even set up a concrete production firm to help push the project forward.
The financial squeeze brought to light over 500 million baht worth of transactions connected to a Hong Kong-registered company. Police seized crucial documentation, including seven land title deeds, dozens of bank passbooks, several devices, contracts, seals, and bank tokens.
The Economic Crime Suppression Division (ECD) is planning to send the land data to the Department of Land, which may force the companies to restructure their shareholding or even sell the properties to Thai nationals. Stay tuned for more updates on this developing story!
Behind the Scenes: The Underbelly of the Investigation
- Shady Deals: Four companies, acting as proxies for Chinese investors, acquired 72 rai of land in Rayong and Chon Buri[1][2][3].
- Dimensions of Deceit: The project encompassed ten 8-storey condominium buildings with over 1,821 residential units[1][3].
- Obscuring Truth: The group concealed true ownership via an intricate network of cross-shareholdings among companies[1][3].
- Transnational Ties: One of the companies has a Hong Kong registration, hinting at transnational crime aspects[4].
The shady groups' illicit activities in the real-estate industry extend beyond Thailand, as one of the four companies involved has a Hong Kong registration, raising concerns about transnational crime. In an effort to obfuscate their financial involvement, the group utilized a complex web of cross-shareholdings among companies to acquire72 rai of land in Rayong and Chon Buri, ultimately aiming to construct ten eight-story condominium buildings with over 1,821 residential units.
