Phuket-based developer Emerald Group has found itself in trouble after the company’s CEO, Sawit Ketroj, surrendered himself to local police after an arrest warrant was issued by the Phuket Provincial Court last year, reports local media. His company has failed to deliver several condo projects despite promising buyers that they would be completed.
According to the Thailand Tourist Police Department, Emerald Group is accused of defrauding investors out of THB127.5 billion. The developer claims it was unable to finish the projects because it had run out of cash, reports the Phuket News. Sawit was charged with failing to comply with Section 22 of the Consumer Protection Act since the company providing false statements through advertisements published via the internet and other media.
The police had received a complaint about Emerald Group from a buyer who has yet to receive his unit despite paying the company THB2.8 million. The police were able to find more cases from other buyers against the developer. The company had promised to hand over units in 2015 but never did and also did not return any deposits.
“Police began monitoring the projects in question and observed that the no progress was being made in the construction of the units, but the advertising of the units for sale continued,” says Tourist Police Chief Surachet Hakpan to the Phuket News.
Police are requesting that any foreigners who bought condo units from Emerald Group to also file complaints against the developer. It is being reported that the majority of buyers were from overseas and may not know about the recent arrest.
The Emerald Nirvana Paton-Kalim, The Emerald City Life Condo Patong, The Emerald Ao Nang Condominium, The Emerald Terrace Condominium, and The Emerald Central Condominium are the names of the projects promoted and sold by the developer.