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Man jailed for fraud and money laundering
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     A 37-year-old man was jailed for seven years and six months for fraud and money laundering at the Court of First Instance today (January 15).

     The court heard that the defendant, who was an accounting officer of an insurance company, misappropriated about $73.8 million by deceiving the company to issue cheques to forged clients between December 2008 and January 2012. The company later discovered that the recipients were not its clients. A report was made to Police in June 2012.

     Investigations by officers of Commercial Crime Bureau also revealed that the defendant had conspired with two of the recipients to launder about $30 million of crime proceeds. The defendant was arrested in June 2012 and was subsequently charged with two counts of fraud and money laundering.

     The defendant was convicted of the charges and sentenced today.

     Police reiterate that fraud and money laundering are serious offences. The maximum penalty is an imprisonment of 14 years. Police are determined to take enforcement actions against commercial crime in maintaining a safe business environment in Hong Kong.  

Police Report no. 342

Ends/Wednesday, January 15, 2014
Issued at HKT 18:57

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