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)

Two Thai doubles pairs survive at World Tour Finals

Two doubles pairs from Thailand have advanced to the semi-finals of the HSBC BWF World Tour Finals following a busy day at Nimibutr Stadium in Bangkok on Friday.

21:42

Army hospital first stop for freed athlete Griner

American basketball star Brittney Griner arrived back in the United States on Friday morning after being released from a Russian prison in exchange for Victor Bout, an arms dealer known as the “Merchant of Death”.

20:22

Second move

Graft busters petition court to sack suspended cabinet minister and accused land encroacher Kanokwan Vilawan and ban her from politics for up to 10 years.

18:43