DSI searches and seizes property of “The New Concept Property” (special case no. 244/2565) luring people to buy condominiums by offering monthly returns in the rate of 8% per year

DSI searches and seizes property of “The New Concept Property” (special case no. 244/2565) luring people to buy condominiums by offering monthly returns in the rate of 8% per year

       Today (Friday, June 24, 2022), Mr. Triyarith Temahivong (Director-General), accompanied by Pol.Maj. Yuthana Praedam (Deputy Director-General), Mr. Rawee Acksornsiri (Head of Center Against Criminal Proceeds Laundering), Pilot Officer Kittikom Kongsompoch (Head of Special Case Operation Center Region 5) and the officers of the Bureau of Special Operation joined forces with the police officers of the Hang Dong Provincial Police Station, Mayor of San Phak Wan Subdistrict Municipality and the special inquiry official team to search 2 target locations, namely, The New Concept Property Co., Ltd. and its managing director’s residence in Chiang Mai Province to seek evidence and seize/freeze property related to the wrongdoing for proceeding the special case no. 244/2565.

       Previously, the Center Against Criminal Proceeds Laundering of the DSI accepted the case as its investigation case no. 195/2564. Investigation revealed that The New Concept Property Co., Ltd. has started building condominiums since 2015 by persuasive advertising for the purchase of its condominiums by people via its booths arranged in various locations and in its website http://thenewconcept.co.th. The contracts stipulated that the buyer shall make the full payment of the condominium on the contract date. The period of the construction is 22-25 months. For the return payment, it is agreed that the company shall pay the return on the monthly basis to the buyer at the rate of 8% per year, which is higher than the maximum interest rate of loan that financial institutions could pay under the laws regarding the interest rate of financial institutions. The investigation also revealed that the company instructed the buyers to make a full payment on the contract date, but the company did not build or built only a part of the condominium. There are over 2,216 people entering into the purchase contracts of the projects. The 14 projects sold to the general public comprised 12 projects in Chiang Mai Province and 2 projects in Krabi Province. The damage is worth not less than 2,000 million baht to over 2,000 injured persons. Such action is considered advertising or publicizing to the general public or by any mean informing at least 10 persons that one will pay a return in the rate higher than the maximum interest rate of loan that financial institutions could pay under the laws regarding the interest rate of financial institutions and one knew or should have known that the return paid to the lender was from the same lender or other lenders or knew or should have known that one cannot conduct any legal business that would generate returns sufficient to pay the promised rate, and in doing this, granted oneself or other person the loans. This is regarded as the offence of loan amounting to public cheating and fraud under Sections 4 and 5 of the Emergency Decree on Obtaining Loans Amounting to Public Cheating and Fraud, B.E. 2527, which is also regarded as a predicate offence under Section 3 (3) of the Anti-Money Laundering Act, B.E. 2542 and its amendments.

       In both locations, the search teams found property consisted of multiple brand-name bags, jewelry, luxury cars (namely, Porsche, Volvo, Range Rover), and a large amount of documents related to the company.

       The DSI seized/froze the registered land for 104 parcels of land (around 148 Rais). The value of total property seized/frozen by the DSI is worth over 1,000 million baht. The DSI will not only further prosecute against the accomplices but track the property for returning it to the injured persons.

       The injured persons of the said fraud can contact to provide information to or request additional information from the Center Against Criminal Proceeds Laundering via telephone at 02 831 9888 ext. 53701 or DSI Hotline 1202 (during office hours).

Dated June 24, 2022