Scam News

[Snowbirds]

IN BRIEF

DSI approves prosecution of gang that duped foreign land-buyers

Published on Feb 1, 2007

The Department of Special Investigation (DSI) yesterday ruled to prosecute a legal consultancy and a foreign gang that duped foreigners into buying land through Thai nominees in major tourist destinations.

The ruling was made at yesterday's meeting chaired by Justice Minister Charnchai Likhitjittha after the arrest of Kim Nielson and a gang member on charges of racketeering. Their case has been forwarded to the public prosecutors.

The DSI is planning to arrest those who encroach on forest land and state officials who conspired to issue land title deeds on forest reserves.

A consultant firm was found to be the key player in the scam.

The firm operates by registering companies with foreigners holding 49 per cent in the company and Thais - who are the firm's employees - 51 per cent. However, the firm exploits legal loopholes by allowing foreigners to hold "preferred shares" and are entitled to a bigger vote than are the Thai shareholders. The foreign shareholders, therefore, have control over the company and can buy land in tourist-oriented areas like Koh Samui, Phuket and Chiang Mai.

Scandinavian police tipped off Thai police that foreign mafia members had become owners of major real estate and resorts in tourist towns. The consultancy had billions of baht transferred into their account and then helped its clients who wanted to buy land avoid paying taxes through legal concealment.

"I just ran across a back issue of the Nation' news, please becareful, the fellows property buyers."

[Isaanresting]

IN BRIEF

DSI approves prosecution of gang that duped foreign land-buyers

Published on Feb 1, 2007

The Department of Special Investigation (DSI) yesterday ruled to prosecute a legal consultancy and a foreign gang that duped foreigners into buying land through Thai nominees in major tourist destinations.

The ruling was made at yesterday's meeting chaired by Justice Minister Charnchai Likhitjittha after the arrest of Kim Nielson and a gang member on charges of racketeering. Their case has been forwarded to the public prosecutors.

The DSI is planning to arrest those who encroach on forest land and state officials who conspired to issue land title deeds on forest reserves.

A consultant firm was found to be the key player in the scam.

The firm operates by registering companies with foreigners holding 49 per cent in the company and Thais - who are the firm's employees - 51 per cent. However, the firm exploits legal loopholes by allowing foreigners to hold "preferred shares" and are entitled to a bigger vote than are the Thai shareholders. The foreign shareholders, therefore, have control over the company and can buy land in tourist-oriented areas like Koh Samui, Phuket and Chiang Mai.

Scandinavian police tipped off Thai police that foreign mafia members had become owners of major real estate and resorts in tourist towns. The consultancy had billions of baht transferred into their account and then helped its clients who wanted to buy land avoid paying taxes through legal concealment.

"I just ran across a back issue of the Nation' news, please becareful, the fellows property buyers."

This is happening all over Thailand not just Hua Hin and Cha Am.

[dada]

IN BRIEF

DSI approves prosecution of gang that duped foreign land-buyers

Published on Feb 1, 2007

The Department of Special Investigation (DSI) yesterday ruled to prosecute a legal consultancy and a foreign gang that duped foreigners into buying land through Thai nominees in major tourist destinations.

The ruling was made at yesterday's meeting chaired by Justice Minister Charnchai Likhitjittha after the arrest of Kim Nielson and a gang member on charges of racketeering. Their case has been forwarded to the public prosecutors.

The DSI is planning to arrest those who encroach on forest land and state officials who conspired to issue land title deeds on forest reserves.

A consultant firm was found to be the key player in the scam.

The firm operates by registering companies with foreigners holding 49 per cent in the company and Thais - who are the firm's employees - 51 per cent. However, the firm exploits legal loopholes by allowing foreigners to hold "preferred shares" and are entitled to a bigger vote than are the Thai shareholders. The foreign shareholders, therefore, have control over the company and can buy land in tourist-oriented areas like Koh Samui, Phuket and Chiang Mai.

Scandinavian police tipped off Thai police that foreign mafia members had become owners of major real estate and resorts in tourist towns. The consultancy had billions of baht transferred into their account and then helped its clients who wanted to buy land avoid paying taxes through legal concealment.

"I just ran across a back issue of the Nation' news, please becareful, the fellows property buyers."

This is happening all over Thailand not just Hua Hin and Cha Am.

This is not a scam, its the real deal if you play it right.

[Pattayaman]

Yehh they they thought it was the real deal ..........now maybe they know different

This is not a scam, its the real deal if you play it right.

[Snowbirds]

This is not a scam, its the real deal if you play it right.

I am just a layman and a would be a future property (condo) buyer. Is that "play it right" mean: you play around the loop hole or any imagination loop hole until you get cought and prosecuted by the court of law?

For me, personally, "play it right" is to cope within the spirit and intent of the rule of law.

[taxexile]

no probs for condo buyers , providing that the 49% foriegn ownership limit on the block has not been reached.

[lazeeboy]

IN BRIEF

DSI approves prosecution of gang that duped foreign land-buyers

Published on Feb 1, 2007

The Department of Special Investigation (DSI) yesterday ruled to prosecute a legal consultancy and a foreign gang that duped foreigners into buying land through Thai nominees in major tourist destinations.

The ruling was made at yesterday's meeting chaired by Justice Minister Charnchai Likhitjittha after the arrest of Kim Nielson and a gang member on charges of racketeering. Their case has been forwarded to the public prosecutors.

The DSI is planning to arrest those who encroach on forest land and state officials who conspired to issue land title deeds on forest reserves.

A consultant firm was found to be the key player in the scam.

The firm operates by registering companies with foreigners holding 49 per cent in the company and Thais - who are the firm's employees - 51 per cent. However, the firm exploits legal loopholes by allowing foreigners to hold "preferred shares" and are entitled to a bigger vote than are the Thai shareholders. The foreign shareholders, therefore, have control over the company and can buy land in tourist-oriented areas like Koh Samui, Phuket and Chiang Mai.

Scandinavian police tipped off Thai police that foreign mafia members had become owners of major real estate and resorts in tourist towns. The consultancy had billions of baht transferred into their account and then helped its clients who wanted to buy land avoid paying taxes through legal concealment.

"I just ran across a back issue of the Nation' news, please becareful, the fellows property buyers."

this story goes back to early last year and i believe the loophole in companies has now been closed its much tougher to do this now