Thailand’s Department of Special Investigation (DSI), together with the Ministry of Justice and multiple government agencies, announced on 10 July the results of coordinated raids at five locations on Koh Samui and Koh Phangan, as part of an investigation into suspected nominee companies allegedly used by foreign nationals to own land and operate restricted businesses. Investigators said they uncovered luxury villa developments, land holdings and corporate structures worth billions of baht linked to the probe.
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Justice Minister Pol Lt Gen Rutthaphol Naowarat and DSI Director-General Pol Maj Yutthana Praedam announced the results at Koh Samui Tourist Police Station in Surat Thani. The operation followed information supplied by the Department of Business Development, which referred 34 companies for investigation over suspected breaches of the Foreign Business Act 1999.
The first target was a Chinese-owned luxury villa development in Bo Phut, already registered as DSI Special Case No. 93/2026. The project covers more than 14,000 square metres and was found to include 15 land plots totalling 97 rai, 3 ngan and 88.4 square wah, with an estimated land value of 1.567 billion baht.
Investigators said the development, valued at around 1.6 billion baht, may ultimately be worth several billion baht, while company assets exceed 1.692 billion baht and bank transactions total more than 1.987 billion baht, mainly from overseas transfers. Six related companies hold combined assets of more than 2.324 billion baht.
Investigators also searched a law office linked to Special Case No. 94/2026. The office is suspected of helping establish nominee structures for foreign investors and is connected to more than 150 registered companies. DSI said 101 of those companies own property and other assets valued at around 795 million baht, while the office itself owns five land plots in Bo Phut worth more than 100 million baht and has assets exceeding 300 million baht. Officers seized land deeds, contracts, financial records and company documents during the search.
The remaining searches targeted businesses linked to Israeli nationals. These included a wellness and yoga retreat on Koh Phangan with assets exceeding 100 million baht, where authorities are checking whether the required health and hotel licences were obtained.
Another target was a hotel company on Koh Samui with registered capital of 45 million baht, land holdings of 2 rai and 2 ngan, and assets exceeding 2 billion baht.
A fifth company involved in construction and accommodation rental has assets of more than 330 million baht and is linked to several related companies sharing the same registered address.
Authorities said evidence recovered includes shareholder records, land ownership documents, property sale agreements, construction contracts, financial transactions and information on additional property developments near Samui International Airport. Investigators are examining whether ownership structures were concealed through multiple corporate entities and whether Thai shareholders genuinely financed their investments.
Daily News reported that Justice Minister Rutthaphol stressed the operation targets those using corporate structures to evade Thai law rather than legitimate foreign investors who comply with legal requirements. He said DSI will pursue all individuals and companies found to have violated the law and expand the investigation to all connected parties in order to protect fair competition, land resources and Thailand’s economic security.
Pictures courtesy of Daily News
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11 July 2026
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