Police will oppose bail for 21 foreign suspects arrested in a Koh Phangan nominee business crackdown after raids uncovered 38 land plots worth 200 million baht, suspicious company structures and alleged illegal foreign control of island businesses.
Thai police will oppose bail for 21 foreign nationals accused of running illegal nominee business networks on Koh Phangan after investigators uncovered 38 land plots worth about 200 million baht, suspicious company structures and alleged unlawful foreign control of island businesses. The arrests followed raids on law and accounting firms, major document seizures and the use of advanced money-tracing technology as investigators widened a fast-moving crackdown spanning 32 companies and 45 arrest warrants linked to foreign investors from Europe, Australia, Israel and elsewhere.
Police will oppose bail for 21 foreign nationals arrested in a nominee business investigation on Koh Phangan when they appear in court on Monday. The 21 investors facing charges were part of an island-wide sweep on Saturday. Initially, it was reported that 22 people had been arrested.
The suspects will be taken to the Samui Provincial Court after questioning ends at Koh Phangan police station. Meanwhile, investigators continued interrogations throughout Sunday under warrants issued by the court.
The arrests formed part of the second phase of a nationwide crackdown targeting foreigners accused of illegally operating businesses through Thai nominees.
Police expand Koh Phangan nominee probe after searches of five firms and financial evidence review
Earlier, investigators launched the first phase on May 13. During that operation, police searched five law and accountancy firms linked to suspected nominee structures. Officers then seized large volumes of documents for examination.
Subsequently, investigators expanded the probe using evidence gathered during those searches. Pol Maj Gen Suwat Suksri, Surat Thani provincial police chief, said investigators had already denied the suspects’ release on police bail. Furthermore, police will oppose bail when officers seek court approval for detention on Monday.
Investigators will request an initial detention period of 12 days. However, the law allows detention extensions for up to 48 days before prosecutors receive the case. Pol Maj Gen Suwat said investigators were confident they would meet the deadline.
Meanwhile, authorities accelerated the investigation using the SPNI X analytical programme. The system was developed in Thailand to track drug and money-laundering networks. Now, investigators are using the programme to analyse financial transactions and trace money flows.
Police trace money flows and nominee land deals linked to foreign suspects from multiple nations
In addition, officers are compiling documentary evidence linked to nominee shareholding arrangements and suspected unlawful land ownership.
The suspects face charges under Criminal Code and Land Code provisions. Specifically, police accused them of providing false information for entry into public records. Authorities also accused the group of unlawfully acquiring land through companies acting on behalf of foreign interests.
The 21 suspects come from several countries. The group includes four Israelis, four French nationals, three Russians and two Ukrainians. Others are from Africa, Slovakia, the Netherlands, Australia, Turkey, Germany and the Philippines. Police withheld one nationality.
Meanwhile, investigators widened the probe after analysing records seized from the five firms earlier this month. Police identified 32 corporate entities suspected of using Thai nominees. Consequently, investigators secured 45 arrest warrants targeting foreign directors linked to those firms.
Police seize 38 land titles worth 200 million baht after arrests tied to a nominee business network.
So far, police have arrested 21 suspects under 22 warrants. Authorities also seized 38 land title deeds during the operation. The land covers about 38 rai. Investigators estimated the value at about 200 million baht.
Furthermore, police found that each company held slightly more than one rai on average. Investigators also noted that more than 60% of the land remained vacant. Some plots were still being prepared for development.
A source involved in the investigation identified one company as FB Property Co, based on Koh Phangan. According to investigators, Israeli nationals operated the company. The business ran a yoga and food venture under the name “The Yoga House Koh Phangan”.
The company’s registered capital is 5 million baht. However, investigators found the company owned eight land plots covering about 7.5 rai. Police estimated the land value alone at about 60 million baht. That estimate excluded buildings on the properties.
Investigators examine shareholder finances after Israeli-run Koh Phangan company comes under scrutiny
Meanwhile, financial investigators examined the company’s shareholder structure. Investigators said the registered Thai shareholder lacked the financial capacity to support the investments. Consequently, police concluded the arrangement showed clear signs of illegal nominee activity.
The second phase of the operation began on May 23. Then, officers moved against foreign suspects linked to the targeted companies. At the same time, investigators seized additional land title deeds for examination.
Sweep of nominee firms and business networks on Koh Phangan. 22 arrested, 200 million in land seized
Anutin visits Koh Phangan as nominee crackdown shows 68% of firms with foreign ownership links
Authorities described the operation as part of a broader nationwide campaign against illegal nominee businesses. Investigators are continuing to examine financial records, company registrations and land transactions. Meanwhile, police said additional action remains possible as the investigation develops.
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Further reading:
Sweep of nominee firms and business networks on Koh Phangan. 22 arrested, 200 million in land seized
Anutin visits Koh Phangan as nominee crackdown shows 68% of firms with foreign ownership links
Blitzkrieg on foreign firms and enterprises on Koh Phangan continues with French owned resort busted
Russian-Chinese Koh Phangan alliance to sell drugs to foreigners. Accused entered Thailand illegally
Crackdown aimed at upending foreign business trade moves from Koh Phangan to Phuket. Four arrested
Crackdown to wipe out foreign business abuses and ownership on Koh Phangan & Koh Samui intensifies
