Man jailed for money laundering

A 69-year-old man convicted of money laundering was sentenced to two and a half year's imprisonment by the District Court today (November 20).

The court heard that in January, 2006, two overseas victims separately received telephone calls and were persuaded to buy discount price shares in two US companies.

Between February and July last year one victim remitted funds equivalent to about $2 million and the second victim about $320,000 into bank accounts in Hong Kong held by the defendant but no share certificates were issued in return. The two victims unsuccessfully tried to sell their shares.

Officers of Commercial Crime Bureau took over the case for investigation and the defendant was arrested in January 2007. He was charged with one count of conspiracy to deal with property known or believed to represent proceeds of an indictable offence and five counts of dealing with property known or believed to represent proceeds of an indictable offence.

On October 15, the defendant pleaded guilty to the five charges of dealing with property known or believed to represent proceeds of an indictable offence while the conspiracy charge was put on file. He was sentenced in District Court today.


Police Report No.3
Issued by PPRB

End/Tuesday, November 20, 2007