CIB and DBD raided eight firms in Ratchaburi over an alleged foreign nominee scheme accused of distorting the coconut market and depressing farm-gate prices.

Fourteen foreign firms registered to operate business in Thailand in the first half of this month, with a combined investment value of Bt425 million and employing 112 Thai staff, Kulanee Issadisai, director-general of the Commerce Ministry’s Business Development Department, said on Tuesday.