Four offices of the investment advisory firm, DFDL Thailand Legal and Tax, have been raided in Bangkok, Phuket and Samui. Coordinated raids were conducted by the DSI (Department of Special Investigations), police and Board of Investment.
The company says it offers “investment advisory expertise”.
The raids were conducted in relation to the use of foreigners using Thai nominees to buy land and operate businesses restricted under the Foreign Business Act.
Nominees have increasingly been used to circumvent the laws on foreigners owning land and running businesses.
Raids took place in Phuket, Cherng Talay, Koh Samui and the head office in Sathorn, Bangkok. The manager told investigators that the business is involved in purchases amounting to Bt2 billion.
One of the men facing questions over the use of nominees and financial fraud at the Phuket office in Thalang is Piyasiri Wattanavrangkul.