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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51 minutes ago, Georgealbert said:

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.

So this may be how they can maneuver down from the proverbial tip of the iceberg.

There's got to be some apprehension among the foreigners who bought a house with a fake company. Should be some really good deals coming up. Sell cheap or lose it.

This seems like a major nominee company operation. Exactly what the police should be focusing on.

The difference between this and the retired guy living with his Thai wife in their own home is distinct. Credit to the cops for going after big fish.

You even see Russian ads on social media promoting properties in Thailand.

5 hours ago, Georgealbert said:

Estate promoted as a 'Russian village'

Is it fenced with barbed wire? Like a GULAG?

Lots of bottoms will be squeaking across Pattaya and Jomtien now that the farangs have to sign their company house over to their loving wife’s

Good luck with that lads.

1 hour ago, wensiensheng said:

This seems like a major nominee company operation. Exactly what the police should be focusing on.

The difference between this and the retired guy living with his Thai wife in their own home is distinct. Credit to the cops for going after big fish.

Don't worry, it may take a while for them to run out of big fish, but when that is done and dusted, the smaller ones will be the favourite dish.

2 hours ago, EVENKEEL said:

There's got to be some apprehension among the foreigners who bought a house with a fake company. Should be some really good deals coming up. Sell cheap or lose it.

My thoughts as well- I have a horrid feeling that one the authorities realise they can get homes very cheaply it will be regarded as a "nice little earner" to pursue homes with nominee shareholders

Wow this gets uglier as they continue to turn over the “rocks” and find what is hiding under them… Many of the expats I interact with are in this situation… Sold a house and a dream by real estate agents, using accountants and lawyers all working in unison to get Thai nominees to sign on the line for some financial benefits… The expats Just trying to life out a nice relaxing life and contribute to the local economy… I hope these folks can dodge this sweeping movement and continue to enjoy their retirement.. the folks looking to profit off of their illegal land grabs and setting up entire communities and businesses to take control of large areas of land and homes… They really need to be looked at and dealt with accordingly!! so many grey areas involved… Glad I have a Thai wife and am not in this situation, I truly feel for these people, I would be very uncomfortable in their current situation!!

Let's say you have a Thai wife or children with Thai citizenship. Can you use them to hold 51% of the shares? Would they be required to prove that they have the financial capital to develop the project. If they don't have the capital resources would Thailand view them as nominee share holders?

3 hours ago, EVENKEEL said:

There's got to be some apprehension among the foreigners who bought a house with a fake company. Should be some really good deals coming up. Sell cheap or lose it.

They are not fake companies.

They are real companies with shareholders who may be acting as nominees for beneficial owners who may not legally be able to own property in Thailand.

Hence the use of nominee shareholders to mask their beneficial ownership.

28 minutes ago, mike123ca said:

Let's say you have a Thai wife or children with Thai citizenship. Can you use them to hold 51% of the shares? Would they be required to prove that they have the financial capital to develop the project. If they don't have the capital resources would Thailand view them as nominee share holders?

I think it’s debateable. Presumably the argument would be that they are not nominee shareholders but gifts made to them for their own benefit. It could also be argued that the wife is entitled to 50% of whatever the foreigner owns as is the case in a divorce.

It can be argued other ways. I’m just suggesting what I would argue were I in that position.

When you read news articles like these, it's just a good thing that most condo's float in mid air. I feel sorry for those on the ground floor though. 😂 😂

Once they have confiscated all this property and the fixtures and fittings which will amount to millions, what are they going to do with it all?

I know a few people who must be treading very carefully right now, My wife reckons she saw gangs of Officials and police going around Rawai the other night,

58 minutes ago, mike123ca said:

Let's say you have a Thai wife or children with Thai citizenship. Can you use them to hold 51% of the shares? Would they be required to prove that they have the financial capital to develop the project. If they don't have the capital resources would Thailand view them as nominee share holders?

since you can give money to your wife and children as a present, there should be no reason to ask for that. However, if you are the director they may still suspect that you run the company and they are just nominees and you have their signed share transfer documents to control everything.

8 hours ago, Georgealbert said:

Investigators suspect Thai nationals may have been registered as shareholders on behalf of foreign beneficiaries.

They 'suspect' Thai nationals may have been involved. Isn't that the main red flag? Without Thais how could they set up nominee companies? Again, it sounds like the authorities are less concerned about chasing the people that facilitated the illegal companies, and more concerned about nabbing the foreign investors. More 'lucrative'?

Hopefully no Russian judges. We all know how bias they are from the Olympics. :)

8 minutes ago, ronnie50 said:

They 'suspect' Thai nationals may have been involved. Isn't that the main red flag? Without Thais how could they set up nominee companies? Again, it sounds like the authorities are less concerned about chasing the people that facilitated the illegal companies, and more concerned about nabbing the foreign investors. More 'lucrative'?

Standard Operating Procedure here. Let the lawyers set up an illegal company structure. Allow the foreigners to bring in millions of baht. The company buys / builds assets. Arrest the foreigners. Confiscate the assets. Rinse and repeat, but don't go after the lawyers, because they are the ones perpetuating the ongoing illegal activity.

Seems to me like 'bait and switch'. I also got a feeling that these cunning people are more smart than we give them credit for. There is no money in prevention and can be quite lucrative in 'prosecution'.

9 hours ago, Georgealbert said:

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.

There might be more of the "Russian villages" as Russians are fleeing their ill gotten homes in Crimea after Russian military occupation.

4 hours ago, Keeenok Powell said:

Lots of bottoms will be squeaking across Pattaya and Jomtien now that the farangs have to sign their company house over to their loving wife’s

Good luck with that lads.

All my assets that I accrued in Thailand are in my wifes name. We've been married for 25 years with no problems. As for cash I only keep enough for 3 months spending and transfer money from my country when need be. i have limited money in Thai banks.

Yes, sadly like in so many corrupt countries, you want to have absolutely no interaction with the police if you can help it.

3 minutes ago, ronnie50 said:

Yes, sadly like in so many corrupt countries, you want to have absolutely no interaction with the police if you can help it.

It's been well debated on this forum, over several years. The "own" versus "rent" debate.

I rent, and sleep well at night.

Even after crunching the numbers here, it made no financial sense to buy. In my condo block, condo's come up for sale that are similar to the one I rent. If you take the purchase price, you can see the same money left in a bank in my home country, with interest at around 5%, more than pays for the rent, with no management costs, repairs and maintenance, taxes, fees etc, and the freedom to move if / when I want.

My capital remains safe in my home country, and accessible at anytime. Covert that money into a condo in Thailand and it become a depreciating asset, mainly due to oversupply and poor build quality, and not liquidated easily.

Then you have the risks of similar circumstances like in the OP.

The old saying, "rent is dead money" maybe true in one's home country, where you have rights, and in general, the rule of law prevails, but in my opinion, it's not true in Thailand.

Some people made some money back in the 80's, but those days are long gone.

Why bother buying? There's more risk than reward, and it's no longer even profitable.

2 minutes ago, KhunHeineken said:

It's been well debated on this forum, over several years. The "own" versus "rent" debate.

Yep. I'm a hard-core adherent to the rent side of the debate. It's been mathematically proven by several people too that renting is better than buying given the ROI on an overpriced condo vs the cost of monthly rent which is cheap (unless you are newly arrived sucker). Everything you said is my view too.

4 hours ago, mike123ca said:

Let's say you have a Thai wife or children with Thai citizenship. Can you use them to hold 51% of the shares? Would they be required to prove that they have the financial capital to develop the project. If they don't have the capital resources would Thailand view them as nominee share holders?

My guess would be, yes, they would be considered illegal nominees.

3 hours ago, ChipButty said:

Once they have confiscated all this property and the fixtures and fittings which will amount to millions, what are they going to do with it all?

My understanding is that if they are found to be holding property illegally they are given a few months to dispose of the property and, if that doesn't happen within a specified period, the government can take the property and any proceeds from the sales go to state coffers.

3 hours ago, ronnie50 said:

it sounds like the authorities are less concerned about chasing the people that facilitated the illegal companies, and more concerned about nabbing the foreign investors

It has been reported several times that the lawyers/accountants/businesses involved in the setting up of the illegal nominee companies are also being investigated and prosecuted.

3 hours ago, ChipButty said:

Once they have confiscated all this property and the fixtures and fittings which will amount to millions, what are they going to do with it all?

I know a few people who must be treading very carefully right now, My wife reckons she saw gangs of Officials and police going around Rawai the other night,

You are in Phuket. Surely you remember this case.

https://www.bangkokpost.com

Amlo auctions off assets of illegal tour operator

Eager competitors snap up boats and coaches seized from illegal Chinese tour company Tranlee Travel as the company

"A total of 151 items with a combined starting price of 161 million baht were to be sold off from Tuesday to Thursday. At the end of the second day, 35 boats and 44 coaches had fetched a total 108 million baht. "

3 hours ago, KhunHeineken said:

Standard Operating Procedure here. Let the lawyers set up an illegal company structure. Allow the foreigners to bring in millions of baht. The company buys / builds assets. Arrest the foreigners. Confiscate the assets. Rinse and repeat, but don't go after the lawyers, because they are the ones perpetuating the ongoing illegal activity.

Nonsense, if you pay any attention to these reports you'd know that they frequently reference the lawyers etc., being investigated also. Before confiscation happens the foreigners are given the opportunity to dispose of the illegally held property, if they can't or won't then that's when the state steps in.