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A 44-year-old woman and a 49-year-old man were sentenced to five years and four years imprisonment respectively at the District Court today (January 11) after being convicted of 23 counts and six counts of fraud and procuring the making of an entry in a record of a bank by deception.
The court heard that between 1996 and 2000, the defendants falsely represented that they could obtain snacks at low prices from snack wholesalers and resell them at good prices. High yield was guaranteed. Nine investors had been deceived to invest a total of $22,800,000 in the fraudulent scheme.
Police Commercial Crime Bureau took over the case for investigation and arrested the defendants when they returned Hong Kong via Lo Wu in May 2011. They were subsequently charged with the corresponding offences and convicted on December 7, 2011 at the District Court. The sentences were handed down today.
Police Report No. 201
Ends/Wednesday, January 11, 2012
Issued at HKT 19:42
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