Poonpong Naiyanapakorn, DBD director-general, said yesterday the crackdown followed a three-day joint operation from Mar 18-20 led by the DBD and partner agencies in Pattaya, reports the Bangkok Post.
Investigators targeted tourism-related and property businesses suspected of using Thai nominees to bypass foreign ownership laws.
He said officials found multiple irregularities, including dozens of firms registered at the same address and a single Thai shareholder holding stakes in more than 100 companies, with combined investments exceeding B300 million.
Four tour companies had their licences revoked and were ordered shut after failing to meet legal requirements on company director composition under tourism business law, he said.
In addition, three foreign-run real estate businesses were found operating in restricted sectors without proper authorisation. These cases are under further investigation.
The department also identified more than 100 entities requiring deeper scrutiny, warning that both Thai nominees and foreign beneficiaries would face prosecution if violations are confirmed.
Penalties under the Foreign Business Act include up to three years’ imprisonment or fines ranging from B100,000 to B1 million, with additional daily fines for continued non-compliance.
"The operation aims to protect fair competition and prevent distortions in the economy, pledging nationwide enforcement against nominee businesses," Mr Poonpong said.