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Two men and one woman were convicted of conspiracy to defraud at District Court today (April 30).

The court heard that two men and one woman, aged between 36 and 42, were arrested in September 2000 in connection with a case involving Letter of Credit fraud and forged Bills of Lading.

A report was made to Police from a bank in August 2000 and the Commercial Crime Bureau took up the investigations.

Enquiries revealed that a 36-year-old man who was the director of a company successfully applied for 13 Letter of Credit with a total value of $28.8 million for the purchase of vehicle parts from two companies between May and July 2000.

A 41-year-old man and a 42-year-old woman who were the director and the manager of the two companies respectively negotiated the Letter of Credit by presenting forged Bills of Lading to a bank and obtained proceeds of $28.3 million. The forged Bills of Lading were issued by two companies under the control of the 36-year-old man.

The trio were subsequently arrested on September 28, 2000. They were jointly charged with one count of conspiracy to defraud and were found guilty at the District Court today (April 30).

The case is adjourned to May 14 for sentencing.

Police Report No.2

Issued by PPRB

End/2020 hours, Wednesday, April 30, 2003 (KCH/SH)

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