Four Russian nationals were arrested in Chonburi on Friday, July 17, as police widened an investigation into suspected nominee company arrangements involving upmarket homes and land valued at more than THB5 billion.
The operation targeted 33 companies suspected of using Thai shareholders to conceal foreign control of property businesses and bypass restrictions on foreign business activity and land ownership.
Pol Lt Gen Nopasil Poolsawat, a commissioner attached to the Office of the National Police Chief, led the coordinated raids. Police carried out four arrest warrants and searched 41 locations across the province, including a housing development in Bang Lamung district.
All four Russian suspects named in the warrants were taken into custody.
Companies and land under scrutiny
The immediate inquiry concerns 33 companies linked to 32 land plots with an estimated value of about THB235 million.
Investigators suspect Thai nationals may have been registered as shareholders on behalf of foreign beneficiaries.
Police seized company registration documents, accounting records, computers, mobile phones and a large quantity of electronic data. Officers are tracing financial flows and checking for possible links to a wider domestic and international network.
The Chonburi investigation began with a provincial task force set up to examine unlawful foreign business activity, following earlier arrests involving foreign property brokers and suspected nominee arrangements.
Immigration police, Chonburi Provincial Police, and officials responsible for business registration, land, tax and commerce later combined their findings, leading to the expanded operation.
Police stressed that the companies and individuals are still under investigation. Any legal responsibility must be decided through the judicial process.
Estate promoted as a 'Russian village'
A key part of the inquiry involves a housing estate that was reportedly marketed for sale and rent on Russian-based websites. Investigators found the development had been described online as a "Russian village", leading authorities to examine who owned and controlled the houses and the land beneath them.
Pictures courtesy of The Nation
According to police findings, more than 495 companies had been set up to hold around 775 detached houses across five developments. The combined value of those properties was put at more than THB5 billion.
Police said 435 of the companies had foreign shareholders. Investigators identified 19 companies suspected of using nominee shareholders, as well as another 14 companies in which foreign shareholdings allegedly exceeded legal limits while the businesses held land.
Those two groups account for the 33 companies now facing possible legal action.
For foreign buyers, residents and investors in Thailand, the case is a reminder that property structures involving Thai companies, shareholders or land ownership can receive close official scrutiny. The investigation concerns alleged nominee arrangements, rather than ordinary foreign residents renting homes or buying property within permitted legal structures.
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18 July 2026
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