********************
A 66-year-old man was sentenced to 37 months¡¦ imprisonment for fraud at District Court today (January 4).
The Court heard that a victim made a report to Police in 2003, saying that his company was invited to invest in an engine cleaning business in 2000. An agreement was also reached that the defendant would act as a guarantor to reimburse the full-invested amount if the said investment failed. Between August 2000 and January 2001, the victim made an advanced payment of about $6.8 million for investment in the scheme. Later, the victim found that the defendant had declared bankruptcy and went missing in late 2001. The victim failed to retrieve the investment and subsequently made a report to the Police.
Commercial Crime Bureau took over the case for investigation. The defendant was put on Interpol¡¦s ¡§Red Notice¡¨ and was later being arrested by the United States authorities when he entered the United States in July 2011. He was subsequently extradited back to Hong Kong.
The defendant was charged with one count of fraud in May 2012. He was convicted at District Court on December 31, 2012, and the sentence was handed down today.
Police will continue to maintain a close partnership with overseas law enforcement agencies to combat financial crimes and extradite fugitives. Members of the public are reminded to be cautious when entering into financial agreements and should seek individual legal advice when necessary.
Police Report No. 293
Ends/Friday, January 4, 2013
Issued at HKT 21:28
NNNN
