Condominiums brokers arrested: Brokers of Foreign condominiums arrested

The State is being implemented for the economic development of the country. The relevant security forces carried out effective operations to identify the offenders following the reports of illegal trading of condominiums in a foreign country and attempts to entice locals to buy condos through social media.

Acting on a tip-off, the Director U Aung Kyaw Tun and General Manager U Min Thu Kyaw of Minn Thu Company, headquartered in Pazundaung Township, Yangon, have been illegally selling Thailand’s condominiums for Myanmar citizens. Consequently, the relevant security forces summoned company officials and related defendants for further inquiry.

Investigations revealed that Minn Thu Company's Director U Aung Kyaw Tun and absconded General Manager U Min Thu Kyaw illegally sold Bangkok condominiums without proper authorization. They hosted sales exhibitions twice at the Sedona Hotel in Yangon, accepted payments in Myanmar Kyats from condo buyers, and illicitly made money transactions to Thailand through Hundi businesses.

Furthermore, it was found that U Nay Myo Han, U Min Tun, and Daw Myat Myat Mon unlawfully purchased apartments sold by Min Thu Company abroad without the requisite approval of the Central Bank of Myanmar. Subsequently, they channeled apartment fees through their bank accounts, which were illicitly opened in Thai banks.

Investigations into these suspects are currently ongoing and effective action will be taken in accordance with the law. Efforts for revealing other companies and buyers engaged in the illegal online sale of condominium apartments in foreign country will be making and appropriate action will be undertaken. The information regarding such illicit transactions can be secretly reported to the relevant security organizations.