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Pattaya Police Bust 5 Billion Baht Russian Property Scam
Thai police have launched a massive operation in Pattaya targeting an alleged illegal property network involving Russian nationals, with an estimated value of 5 billion baht. Four Russian nationals were arrested in connection with the suspected fraudulent acquisition of luxury properties and land.
PATTAYA – Thai police have launched a massive operation in Chonburi province to stop illegal property networks. Officers searched 41 different locations and successfully arrested four Russian nationals in a major crackdown. The authorities actively targeted a suspected foreign nominee scheme linked to luxury homes and land. The properties connected to this illegal network hold an estimated value of 5 billion baht. The operation, spearheaded by the Chonburi Provincial Police, highlights a growing concern over foreign nationals illegally acquiring property in Thailand. Investigations are also underway to determine if these properties were utilized for money laundering or other illicit purposes. This move is seen as a crucial step in bolstering the transparency of Thailand's real estate market and preventing the illicit accumulation of assets by foreigners. Law enforcement officials have vowed to maintain a rigorous approach against such fraudulent activities going forward. Source: Chiang Rai Times
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Chiang Rai Times