Duo jailed for conspiracy to defraud on bank
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A 37-year-old man and a 29-year-old woman were jailed for 48 and 40 months respectively at the District Court today (October 17) after being convicted of conspiracy to defraud on nine local banks.

The court heard that the Police received a report in December 2006, alleging that three companies were in connection with Letter of Credit fraud. Investigation by officers of Commercial Crime Bureau unveiled that the suspected companies were all established and operated by the defendants respectively.

The two defendants used forged documents, including invoices and cargo receipts, to defraud nine local banks to issue 158 Letter of Credits, totaling $360 million between June 27, 2006 and June 13, 2007 for purchasing raw paper materials. They in fact transferred the funds from one suspected company to another.

Two defendants were arrested for conspiracy to defraud on June 25, 2007.

The defendants were later jointly charged with one count of conspiracy to defraud. They were convicted of the charge and sentences were handed down today.

Police Report No.2
Issued by PPRB

Ends/Friday, October 17, 2008
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