The Thai national police launched a massive operation against foreign nominees on the island of Koh Phangan, raiding 32 sites and investigating a network linked to 243 companies.
On 13 May 2026, the Thai National Police Bureau, led by Police General Samran Nuam Ma, deputy commander-in-chief, mobilised 266 officers from various units, including immigration, central police, regional police 8, the provincial police of Surat Thani and the Koh Phangan station.
This operation targeted 32 locations in Surat Thani province: five upstream sites (law firms, accountants, registration addresses and company documents) and 27 nominee companies. Law enforcement seized evidence such as corporate documents, share transfer contracts, financial flows, digital data and elements of effective control.
The investigation revealed a system where foreigners use Thais as 'nominees' to circumvent laws on business activities reserved for nationals. On Koh Phangan, there are 3,754 legal entities, of which 2,381 involve foreign shareholders, including 243 target companies. A network of 27 companies is linked to 37 land parcels with a total value of around 150 million baht.
The modus operandi relies on a structured network: foreigners or real beneficiaries create multiple companies, bring in Thais as nominal shareholders, then extend control over land, activities and financial flows to conceal the true controllers. Recurring patterns have been identified, such as the use of the same group of Thai shareholders, simultaneous registrations, identical addresses and chain transfers.
Four suspects were arrested on warrant: one foreigner and three Thais, for illegal business activities via nominees. The authorities plan to expand the investigation to other accomplices and networks.