2005-11-16 20:40 Two men, aged 48 and 45, were sentenced to five and four years’ imprisonment respectively for money laundering related offences in the District Court today (November 16). The court heard that the 48-year-old man had arranged four US cheques to be presented to some local banks between September and November in 1999. The cheques were being mailed in USA to some designated payees. The 45-year-old man then arranged for the set up of some mirror companies in Hong Kong with the same names as those payees of the US cheques. After the cheques were deposited to those companies’ accounts, they were drawn by the defendants. The actual payees had never received the cheques. The relevant banks discovered the fraud when the actual payees cancelled the said cheques with the banks. A report was then made to the Police. The amount of loss suffered by the banks amounted to over HK $15 million. Officers of the Commercial Crime Bureau carried out investigations and the two defendants were arrested in their residences in Kowloon respectively in April and May, 2000. Subsequently, charges were laid against the 48-year-old man with three counts of dealing with property, known or believed to represent proceeds of an indictable offence whereas the 45-year-old man with two counts of the same charge. The 45-year-old man was further charged with one count of attempting money laundering. The two defendants were convicted after trial which ended on October 4, 2005 and the sentences were meted out today. |