Bangkok: “Achariya” has called on the Technology Crime Suppression Division to investigate a real estate company suspected of employing nominees to hold shares unlawfully. Achariya’s request comes amid suspicions that Thai nationals are being used to front foreign ownership.

According to Thai News Agency, Mr. Atchariya Ruangrattanapong, who serves as the President of the Crime Victim Assistance Association, has submitted pertinent documents and evidence to Pol. Maj. Gen. Thatsaphum Charuprat, the Commander of the Economic Crime Suppression Division (ECD). The investigation targets a real estate firm with a registered capital exceeding 1 billion baht, along with its subsidiaries. Concerns have been raised that the company might be using Thai citizens to hold shares on behalf of foreign nationals, particularly Indians and Singaporeans, who are allegedly the real owners of the land and real estate in question.

Mr. Atchariya explained that the subsidiaries might be employing a similar strategy, using Thai nationals as shareholding nominees to control business operations. This tactic purportedly allows foreigners to sidestep Thai laws that restrict real estate transactions by non-citizens. The investigation has so far revealed that the company is primarily operated by Indian and Singaporean nationals, who have structured their ownership such that Thais hold 51% of the shares but lack managerial authority. Consequently, Mr. Atchariya has lodged a formal complaint with the Technology Crime Suppression Division, urging them to conduct a thorough investigation and pursue legal action if necessary.