Chiang Mai Nominee-Business Investigation Leads to 18 Raids

Chiang Mai Nominee-Business Investigation Leads to 18 Raids

More than 250 officers searched 18 locations across Chiang Mai as part of a nationwide campaign against businesses suspected of hiding foreign ownership through Thai nominees. Investigators reviewed 33,144 registered companies and identified 4,741 with foreign shareholders, followed by 1,591 directors and shareholders with potentially suspicious overlapping connections. The inquiry eventually focused on 31 companies, including 16 accused of using nominee shareholders and 15 suspected of holding land despite foreign ownership exceeding 50%. The investigation covers 29 plots spanning more than 20 rai, with land, buildings and other assets valued at an estimated 633 million baht. Authorities secured 22 arrest warrants, detained eight suspects of several nationalities and continued searching for another 14 people.