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Three people involved in a cash-planting scheme have been given jail sentences ranging from two years to four years today (December 20).
The Court of First Instance heard that the defendants operated a company for sale of cash-planting scheme in May, 2000. Investors were offered cash reward 10 times of their investment. In December the same year, the company stopped paying reward to the investors but induced them to invest in other new schemes. The victims then complained to the Police.
In May 2001, Commercial Crime Bureau officers neutralised the syndicate and arrested two men and two women, aged from 35 to 52. They were subsequently charged with conspiracy to defraud and dealing with property known or believed to represent proceeds of an indictable offence. Three of the defendants were found guilty while the remaining 35-year-old woman was acquitted.
The court heard that about 8 500 victims were believed to have joined the investment scheme and had paid the company about $181 million.
Police Report No.5
Ends/Thursday, December 20, 2007
Issued at HKT 19:41
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