Projects worth THB1.2bn seized as DSI raids Chiang Mai property firm
Police seized projects worth 1.2 billion baht from a property company in Chiang Mai province on Friday after investors complained they had been cheated out of 4 billion baht.
The Department of Special Investigation (DSI) led the early-morning raid on New Concept Property Co Ltd in the northern province’s Hang Dong district.
They were searching for the company’s president, Romrawin Thansetkul, but found no trace of him at the premises.
Instead, the company’s managing director, Jakree Chomtaisong, was there to hand over information and documents to police.
DSI director-general Triyarith Temahivong, who led the operation, said that 80 people had filed complaints against the property firm, accusing it of failing to honour its promise to pay interest of 8 per cent per annum to its 2,000-plus investors.
According to investigations launched last year, company investors have lost as much as 4 billion baht. Large investors had pumped 40-300 million baht each into the company’s 14 property development projects, the DSI chief added.
The DSI seized 14 New Concept Property projects — 12 in Chiang Mai and two in Krabi province — with a total market value estimated at over 1.2 billion baht, said Triyarith.
Customer data, sale records and other documents were also confiscated in the raid, he added.
New Concept Property, or New Concept Group, was set up in 2019 with registered capital of 100 million baht. Its main focus is developing condominiums in Chiang Mai, relying on investments from the general public with an offer of returns of 8-10 per cent per annum.