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The District Court today (August 30) sentenced a 44-year-old man and a 50-year-old woman to 18 and 24 months' imprisonment respectively for conspiracy to defraud.
The court heard that the two defendants were directors of two separate companies. In 2007, they conspired to deceive two local banks into issuing four letters of credit for the woman purporting to purchase $4 million worth of polyester trolleys from the man.
Commercial Crime Bureau (CCB) took up the case for investigation and found that the transactions did not exist and subsequent to each successful application of letter of credit, the man would reimburse similar amount of money to the woman.
After extensive investigation, CCB officers arrested the duo in September 2008. The two were subsequently charged with conspiracy to defraud. They were convicted at the District Court on July 27, 2011 and sentences were handed down today.
Police will continue to safeguard Hong Kong's safe and stable business environment through prevention and detection of frauds.
Police Report No. 15
Ends/Tuesday, August 30, 2011
Issued at HKT 23:00
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