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The District Court today (March 22) sentenced a 41-year-old man to a three-year imprisonment for bank credit fraud.
The court heard that Defendant was the director and shareholder of a local trading company. From July 2007 to May 2008, Defendant submitted some false documents including invoices and airway bills to a local bank and falsely declared to the bank that his company was in transactions with a French trading company. He then deceived the bank to advance money under the facility agreement, by using account receivables from the French company as collaterals, which were falsely made. The bank had released a total amount of $16 million to Defendant’s company.
Commercial Crime Bureau (CCB) took up the case for investigation and found the documents were forged and the relevant transactions were also bogus.
CCB officers then arrested Defendant in January 2009 and he was subsequently charged with ‘Fraud’. He was convicted at the District Court on March 8 and sentence was handed down today.
Police are determined and capable of combating all types of bank fraud to safeguard Hong Kong's safe and stable business environment.
Police Report No. 224
Issued by PPRB
Ends/Thursday, March 22, 2012
Issued at HKT 18:19
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