Police raid 31 foreign-owned shell companies in Chiang Mai (Video)

In Chiang Mai city, Thailand, police and relevant authorities raided 31 shell companies owned by foreigners and arrested five suspects. Investigations revealed that some companies were using Thai nationals as nominal shareholders and violating restrictions on foreign ownership. The estimated value of the land owned by these companies exceeds 630 million baht. Authorities are continuing to identify and investigate the actual beneficial owners and stated that similar raids will be carried out in other provinces of Thailand. Edited and Produced by – Yaminn Hlaing Puwint Aung