The information came after national police chief Somyot Poompunmuang said yesterday (August 5) the court was being asked to approve the arrest warrants.
The source said police had found content in one of the documents in the share transfer had been doctored.
The shares were signed over to two women who have reportedly admitted they were Chuwong's mistresses.
Kanthana Siwathanapol, 26, a former golf caddie, told police she was seven months pregnant with Chuwong's child and he had transferred shares worth more than B200 million to her account.
Another woman, Uracha, admitted she had been in a relationship with Chuwong since March.
She said she received B30 million in shares from Chuwong, which were transferred to her mother's account.
Although no one has been charged – and Chuwong's death has not been formally treated as murder – police have obtained evidence that will lead to warrants being sought, Pol Gen Somyot said earlier yesterday.
Pol Gen Somyot said the investigation centres on the transfers of Chuwong's shares to the women and the circumstances surrounding his death in a car crash.
The driver, former deputy commerce minister Banyin Tangpakorn, said the tycoon died in a Lexus sport utility vehicle when it crashed into a tree on Chaloem Phrakiat Road in Prawet district on June 26. Mr Banyin sustained minor injuries.
Pol Gen Somyot said he believed the share transfers were irregular. The transactions were done in a dubious and deceptive manner, he said.
The car crash probe is being handled by city police while the Crime Suppression Division is overseeing the investigation into the share transfer. Additional evidence is being gathered by Udomsuk police in Bangkok, which has jurisdiction over the car crash site.
Pol Gen Somyot said he believed the share transfers were achieved through "trickery". He declined to say if the transfer documents had been forged.
He also stopped short of saying if any malpractice in the transfer could be connected to Chuwong's death.
A crucial part of the investigation was interviewing staff at the Securities and Exchange Commission and securities firms which took care of Chuwong's stock trading. However, the firms have "not been cooperative", which aroused the investigators' suspicions.
Police will resort to legal measures to press the firms to hand over important evidence, Pol Gen Somyot added. Meanwhile, the Sae Tang family asked the Medical Council of Thailand to help analyse Chuwong's death.
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