The latest details, released by the Ministry of Commerce and Region 8 Police, provide the first full breakdown of the operation on Saturday (June 20), which was initially announced only as a coordinated crackdown on suspected nominee businesses.
However, officials did not specify when the arrests were made, over what period the suspects were taken into custody, or whether all arrests resulted directly from the June 20 raids.
Authorities also did not clarify when the searches were carried out, providing only a summary of the operation and naming the companies and individuals involved.
Police said courts approved 59 arrest warrants and officers arrested 48 suspects, comprising 27 Thais and 21 foreigners. Those arrested included 11 Israelis, two French nationals, two Polish nationals, two Swiss nationals, one South African, one British national, one Dutch national and one Russian national.
As explained on Saturday, the operation targeted 89 plots of land across Phuket, Phang Nga and Krabi, covering more than 49 rai and carrying an estimated combined value of B1.05bn.
In Phuket, investigators identified 10 companies suspected of acting as nominees linked to four land plots covering more than two rai and valued at B116 million.
Courts issued 13 arrest warrants for foreign suspects in the Phuket cases, with officers executing 10 warrants and arresting nine foreigners: five Israelis, two French nationals, one Dutch national and one Russian national.
Authorities are also investigating a further 39 Phuket companies whose shareholding structures indicate foreigners may effectively control the businesses. The companies are linked to 52 land plots worth about B115mn.
Combined, Phuket investigations involve 56 plots covering about 15 rai with a total estimated value of B231mn.
According to Region 8 Police, one of the key Phuket investigations centres on the G-Mat Hospitality Co Ltd network in Patong.
Investigators searched premises at 19/10 Rat-U-Thit 200 Pi Rd, Patong, where they found G-Mat Hospitality Co Ltd operating alongside Abale Co Ltd, which police said was registered to operate restaurants and cannabis retail businesses from the same address.
Police said the investigation also linked the network to Fitness Hero Bangjo Co Ltd in Srisoonthorn, Thalang.
According to investigators, Thai shareholders admitted holding shares on behalf of Israeli nationals.
The companies, established in 2019, operated hotel, resort, condominium and motorcycle rental businesses. They had also previously held tourism licences, but those licences were later revoked after authorities found violations involving the required composition of company directors.
In Krabi, investigators identified nine companies suspected of nominee arrangements linked to 17 land plots worth B209mn. Another eight companies are under investigation over ownership of eight additional plots worth B290mn.
One major case involves Tropical House Co Ltd, a pool villa developer backed by Polish investors.
Police said the company, despite having registered capital of only B4mn, controlled 16 plots of land covering more than six rai and valued at approximately B200mn.
The development projects are located in Nuea Khlong, Nong Thale and Khao Thong, with villas advertised from B11.5mn.
Investigators allege the business was effectively controlled by Polish nationals identified only as Ms Katarzyna and her husband Mr Kamil, while Thai shareholders allegedly made no genuine investment.
Another significant Krabi case involved Gunj Limited Partnership, an entertainment and music business allegedly owned by a South African national.
Police allege the company used Thai nominees with assistance from a lawyer and an accountant who prepared false registration documents. Investigators said evidence showed signatures belonging to deceased persons had been used in official company filings.
In Phang Nga, authorities identified nine nominee companies linked to seven land plots valued at B269mn and arrested one British national.
Police also raided Sava Beach Villas after investigators found seven villas allegedly being rented out daily without a hotel licence.
Investigators said Thai shareholders connected to the company were employees or relatives of company directors and lacked the financial means to make the investments attributed to them.
Authorities said details of a further 623 companies in Phuket, Krabi, Phang Nga and Surat Thani suspected of receiving assistance from accountants in establishing nominee structures will now be forwarded for further investigation.
The latest operation follows earlier nominee crackdowns in Koh Phangan, where police said 105 cases had already been pursued. Courts have so far convicted 14 defendants in 13 cases, handing down prison sentences of one year and three months and fines of B15,000 each.