Police seize luxury cars involved in insurance scam
Fraud ring operated by smuggling vehicles to Asia and declaring them as “stolen” to claim insurance money
Police seize luxury cars involved in insurance scam
INSURANCE NEWS
By Gabriel Olano
13 Jun 2017
Police in Thailand have raided several car showrooms, recovering six out of 42 luxury cars reported as stolen in Europe as part of an insurance scam.

The Department of Special Investigation (DSI) acted on information from the UK’s National Vehicle Crime Intelligence Service, which revealed 41 vehicles listed as stolen in the UK and one in Italy.

Out of the 42 vehicles, 10 have been located by the DSI, according to deputy director-general Korawat Panpraphakorn. The six recovered vehicles were an Audi Q7, a BMW M4, a Honda Civic GT, a Lamborghini, a Mercedes-Benz G350, and a Porsche Boxster, according to a report by the Bangkok Post.

Korawat added that two BMW M4s and a Porsche Cayenne were already resold, while a Porsche Boxer was found in a duty-free zone of the Customs Department.

British authorities informed the DSI on how the insurance scam was run, according to The Nation.

Buyers began by taking out car loans to buy luxury vehicles in the UK and Italy. After a few instalments had been paid, the cars were smuggled into Thailand and vehicle theft reports were filed in order to claim insurance money.

According to the DSI, the owners of the resold vehicles can use them in the meantime, but they must surrender the cars immediately when ordered to by the authorities.


Related stories:
Scam shipping fraudulently registered luxury cars to China uncovered
Lamborghini scam foiled by lack of insurance
Cloned car syndicate operating in Singapore and Malaysia
Free newsletter

We'll keep you up-to-date with the latest breaking news, cutting edge opinion, and expert analysis affecting both your business and the industry as whole.

Free newsletter

Our daily newsletter is FREE and keeps you up - to - date with the world of Insurance. Please complete the form below and click on subscribe for daily newsletters from IB ASIA.