Illegal car-mortgage operation busted in Hat Yai

Illegal car-mortgage operation busted in Hat Yai

Police with the 28 vehicles found in a search on Sunday of a warehouse where an illegal mortgage lending service operated, in Songkhla's Hat Yai. (Photo: Assawin Pakkawan)
Police with the 28 vehicles found in a search on Sunday of a warehouse where an illegal mortgage lending service operated, in Songkhla's Hat Yai. (Photo: Assawin Pakkawan)

SONGKHLA: Police on Sunday raided a warehouse in Hat Yai district and arrested a man on charges of operating an illegal mortgage lending service.

The raid was led by Pol Lt Col Wankitti Tinnimit, deputy chief investigator of Provincial Police Region 9.

Armed with a warrant issued by the Songkhla Court, police found 28 pickups and cars parked in the warehouse and at a nearby house in Soi Pracha Ruamchai 1, off Kwan Pracha road at Moo 4 in tambon Khuan Lang.

A man identified as Aroon Khun-aksorn, 43, was detained for questioning.

Documents found in the house showed most of the vehicles were mortgaged to him but were still under a legally binding hire-purchase contract with a finance firm.

Mr Aroon was charged with unlicensed mortgage lending at an interest rate of 10% per month, or 120% per year, exceeding the legal limit of 15% interest per year.

He was taken to Hat Yai police station for legal proceedings.

Police warned that people who mortgage their vehicles while they are still under a hire-purchase contract may be viewed as committing embezzlement, because the vehicles were still owned by the finance firm.

Do you like the content of this article?
COMMENT (4)

No mere rub-down

Thailand has earned the reputation of being a destination for a body rejuvenation, a label reinforced at the recent Asia-Pacific Economic Cooperation (Apec) summit which helped spread the word about the healing wonders of Thai traditional massage, or nuad Thai.

07:33

2022 Qatar World Cup: our Sunday picks

The Bangkok Post's predictions on matches.

07:11

Messi expects hard fight with old rivals Netherlands

AL RAYYAN, Qatar: Argentina captain Lionel Messi and coach Lionel Scaloni predicted a tough but beautiful encounter with the Netherlands when the sides meet in Friday's World Cup quarter-final.

06:57