Exploiting The Loopholes

"We've got your car! Cough up $50,000 or you'll never see your baby again!"

It's easier than kidnapping a person. Hong Kong's car thieves have figured out that stealing a car and calling the owner with an extortion demand is simpler than trying to resell it overeseas or to a chop-shop. Once they get the money, they abandon the car in the street for the owner to reclaim.

Car owners have been paying the ransoms to avoid the headache of filing a stolen-vehicle report. They can't report the extortion to the police once they've paid, for they would be criminally liable for assisting the theft. Other owners pay up because they know their insurance gap is larger than the extorted amount. They also avoid an increase in premiums for not having made a claim.

That's quite the scam. By selling the car back to the owner, thieves get paid immediately.

As an added bonus, should they find themselves short of cash, they can steal the car again.

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