Bangkok police smash a Chinese “grey market” property empire as a five-site ECSD operation captures Mr. Hao, seizes cash, foreign currencies and digital asset equipment, and exposes a network accused of using Thai nominees to control luxury homes worth hundreds of millions.
A five-location Bangkok police operation on Sunday smashed a Chinese “grey market investment” network worth hundreds of millions of baht, exposing a web of nominee companies, luxury properties and hidden ownership structures allegedly used to bypass Thai law. The co-ordinated raids ended with the arrest of alleged ringleader Mr. Hao, 35, as investigators seized cash, foreign currencies, digital asset equipment and critical property records while widening their inquiry into Thai and foreign figures linked to the operation.
The Economic Crime Suppression Division (ECSD) dismantled an alleged Chinese “grey market investment” empire on June 13 after coordinated raids across five Bangkok locations.
Officers arrested the suspected leader, Mr. Hao, a 35-year-old Chinese national, at his luxury residence. Investigators alleged the network used Thai nominees to conceal ownership of luxury homes and condominiums worth hundreds of millions of baht.
The operation was ordered by Pol. Lt. Gen. Natthasak Chaowanasai, Commander of the Crime Suppression Division. It was carried out by Pol. Maj. Gen. Tatsaphum Charupraj, Commander of the ECSD, alongside Division 4 officers. The team included Pol. Col. Chamnan Chanthet and inspectors Pol. Lt. Col. Sutthipong Monrat, Pol. Lt. Col. Worawut Kongraksa, Pol. Lt. Col. Sathit Hawongchai and Pol. Lt. Col. Trairong Nuaiytui.
Chinese nominee firms exposed as police seize cash, foreign currencies and property files in raids
According to investigators, the group created several nominee companies to bypass Thai property restrictions. Thai women were allegedly appointed as directors and majority shareholders. However, investigators believe Chinese investors remained behind the businesses and controlled the assets.
As part of the operation, officers searched two companies inside Narasiri Krungthep Kreetha Village in Soi Krungthep Kreetha 15, Hua Mak. The targets were Naravee Holding Co., Ltd. and Holding Good (Thailand) Co., Ltd. There, officers located Mr. Siming, a Chinese investor who managed the properties.
During the searches, police seized a luxury Toyota Alphard van carrying red licence plates. In addition, officers discovered more than ฿1.4 million in cash. They also recovered eight foreign currencies and equipment used to store digital assets.
Separately, investigators raided Liang People Thai Trading Co., Ltd. at the Venue Project on Kanchanaphisek Road in Thap Chang. The search uncovered land and building tax documents, company invoices and four digital storage devices. Officers also recovered files containing land title deeds and property sales agreements.
Law firm documents and luxury home raid led to Mr Hao’s arrest and major evidence seizure in the case
On another front, investigators searched TA Law Firm Co., Ltd. inside Supalai Grand Tower on Rama 3 Road in Yannawa district. Police seized company registration documents and records linked to the alleged nominee structure. Investigators said the law firm prepared documentation needed to establish the companies.
Meanwhile, the final raid targeted a luxury house in The City Rama 9-Krungthep Kreetha project on Srinakarin-Romklao Road. Officers arrested Mr. Hao at the property and seized extensive evidence connected to the network.
The seized materials included company registration files, real estate purchase agreements and land title deeds.
Moreover, officers recovered bank account books and company stamps belonging to network members. They also found 32 key cards for the Life Asoke-Rama 9 condominium and four electronic devices.
Mr. Hao admits nominee arrangement as investigators trace the luxury property investment network
Following the raids, investigators examined the group’s alleged operating structure and financial links. Police said the law firm secretly arranged Thai women as company directors and major shareholders. Consequently, the group allegedly acquired luxury houses and condominium units while hiding Chinese ownership.
During questioning, Mr. Hao admitted investing in and establishing TA Law Firm Co., Ltd. He also admitted to using two Thai women to hold shares on his behalf because of trust. Furthermore, he told investigators the arrangement helped him purchase luxury homes for Chinese friends.
According to his statement, he received commissions between 1.5% and 2.5% from property sales. However, all suspects denied charges under the Alien Employment Management Act. Subsequently, police transferred the suspects and all seized evidence to ECSD investigators.
ECSD expands investigation into Thai and foreign links behind alleged property empire in Bangkok
In parallel, investigators expanded the inquiry to identify additional members of the alleged network. The investigation includes both Thai and foreign nationals connected to the operation.
Notably, officers are examining financial records, digital devices, corporate documents and property agreements to determine the full scale of the alleged investment empire.
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The ECSD investigation remains active as officers continue tracing assets, business links and further suspects connected to the network. The seized cash, foreign currencies, electronic evidence and property records are expected to play a key role in the continuing case.
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Further reading:
Huai Khwang raid shows nominee shareholdings being used by Chinese infiltrating the economy
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
