Chinese Luxury Housing Project Probed for Money Laundering

[webfact]

 

The Anti-Money Laundering Office (AMLO) has intervened in a major luxury housing project in Nonthaburi, funded predominantly by Chinese capital, due to money laundering suspicions.

 

Situated along the Chao Phraya River, this grand development spans 12 acres and is valued at around 1.5 billion baht. It comprises about 60 opulent five-storey villas, each complete with a basement and swimming pool, with prices ranging from 200 to 700 million baht per unit.

The project is primarily owned by Chinese investors, with two Thai businessmen involved as directors. Construction began in February 2024 and is scheduled for completion a year later. Interestingly, the workforce mainly consists of Chinese labourers working on rotating tourist visas, which has attracted scrutiny from local authorities, including immigration officials.

 

Despite having the required permits from the Nonthaburi Municipality, AMLO has issued a seizure order, suspecting illicit financial activities. This order, while not halting construction, restricts any assets from being moved from the site. The project's ongoing progression, notwithstanding the legal constraints, has only intensified the investigation.

 

Picture courtesy: TNA

 

Moreover, there are questions regarding the legality of the workforce, and authorities are assessing whether the necessary work permits are in place for the Chinese workers employed there. This aspect forms an integral part of the broader investigation into the operation.

 

Project owners must now provide detailed explanations to AMLO, which is actively gathering evidence. Should these investigations confirm illicit activities, AMLO plans to initiate legal action within 90 days. This could culminate in a comprehensive asset seizure order, reinforcing Thailand's commitment to tackling money laundering and ensuring regulatory compliance in property developments, reported TNA-MCOT.

 

Picture courtesy: TNA

 

TOP Picture courtesy: TNA

 

-- 2024-10-09

 

[MalcolmB]

11 minutes ago, webfact said:

while not halting construction,

Just a shakedown. 
They have now realized that the original shakedown was not in proportion to the cost of the project. A bit more to squeeze out.

Chinese understand shakedowns are part of doing business. 

[Geoffggi]

1 hour ago, webfact said:

Moreover, there are questions regarding the legality of the workforce, and authorities are assessing whether the necessary work permits are in place for the Chinese workers employed there. This aspect forms an integral part of the broader investigation into the operation.

But these workers hold motherland 🇨🇳 work visas ....................LOL 🤣

[brianthainess]

As if Chinses would launder money, they are such honest people  Cough  cough spit.

[ronster]

Go have a look around samui while at it ! 😄

[hotchilli]

4 hours ago, webfact said:

The Anti-Money Laundering Office (AMLO) has intervened in a major luxury housing project in Nonthaburi, funded predominantly by Chinese capital, due to money laundering suspicions.

Guaranteed... Chinese money in Thai hands.

[fdimike]

Plenty of similar cases in many other parts of the world to include the "lily white" USA with no Chinese involved.

[PETERTHEEATER]

200 million to 700 million Thb per unit? Some serious local 'benefactors' involved in that project.

 

If the OP image is anything to go by they are just high-end ticky-tacky boxes side by side.

[john donson]

60 opulent five-storey villas, each complete with a basement and swimming pool, with prices ranging from 200 to 700 million baht per unit.

 

somebody skipped math school

 

60x200 million = 1.5 billion, loooooooooooooooooooooool

[black tabby12345]

Chinese mega capital projects.

Often come with one adjective of 'illegal'.

In China itself, skyscraper condos were often built on the money illegally obtained.

Their local government is not allowed to engage in financial speculation.

But they often dodge the system by mocking up dummy firm(to look like in private sector).

And get the loan from the financial institutions.

In recent years, such fake housing developers are facing bust one after another...

 

 

[digbeth]

while it's a villa, looks like it could be classed and titled as a condo due to it having common area like underground carpark to get the 49% foriegn quota, the rest probably has thai citizenship or company to snap up anyway 

 

suprised there arent' more project like this that has detached house titled as condo to attract foreign buyer