June 3, 2024
The Myanmar junta announced the arrest of five individuals involved in trading condos in Thailand, accusing them of destabilizing the domestic financial market. The junta’s propaganda media reported on the evening of June 3 that one of the two sellers had fled.
According to the junta’s statement, Minn Thu Company organized two unauthorized sales exhibitions at Sedona Hotel in Yangon. The junta claims that the money paid by buyers was illegally transferred to Thailand through hundi operators.
Additionally, three buyers allegedly opened bank accounts in Thailand without the Central Bank’s approval and made payments for the condos through these accounts.
The junta’s propaganda media also reported that these arrests followed the detention of 21 gold merchants and 12 illegal hundi operators on May 30, leading to arrest warrants for 10 gold shop owners and merchants yesterday. Today’s arrests target those trading condos in Thailand without Central Bank authorization.
The junta announced that it will continue investigating and taking action against other companies and buyers involved in illegal online sales. According to first-quarter 2024 statistics, Myanmar nationals were the second-largest group purchasing condos in Thailand.
