Thai media reported on May 23, 2026, citing police, that more than 300 officers took part in phase two of an investigation on Koh Phangan into businesses suspected of using Thai nominee shareholders to evade foreign-business restrictions.
Police said they had obtained search warrants for 36 locations and requested 45 arrest warrants for foreign nationals, as part of an investigation into companies allegedly controlled by foreigners through Thai nominee shareholders.
One business inspected was FB Properties Co Ltd, also known as Yoga House. Police said its actual owner was an Israeli man suspected of using Thai nominees, operating a hotel without permission and illegally holding eight land plots covering about 7.5 rai, valued at more than 60 million baht (about US$1.83 million).
Police said the cases involved alleged violations of the Foreign Business Act through restricted business activities, as well as illegal landholding. The allegations remained subject to legal proceedings.
Police divided the findings into two groups. The first involved 32 suspected nominee companies, with 45 seized land plots covering more than 40 rai, 22 foreign nationals arrested and estimated losses exceeding 200 million baht (about US$6.11 million).
A separate group comprised 32 companies in which foreign shareholders outnumbered Thai shareholders, involving 38 land plots. Police were continuing searches and evidence collection and coordinating follow-up investigations with relevant government agencies.
