HSBC employee jailed for trying to defraud bank
An NRI bank clerk was sentenced to 9 yrs in prison for trying to defraud his employer HSBC with a sum of about 72 million pounds (USD 141 million).
By PTI |
LONDON: An NRI bank clerk was sentenced to nine years in prison for trying to defraud his employer HSBC with a sum of about 72 million pounds (USD 141 million), in "one of the biggest frauds of its kind".
Twenty five year-old Jagmeet Channa, who worked at the Canary Wharf headquarters of the bank, hijacked his colleagues' identities to plunder the coffers of the bank.
Hoping the looming weekend would help hide his betrayal, Channa followed orders of fellow conspirators who had promised him a "cut", by first sending 60 million euros (47,970,227 pounds) from one of its trading accounts to Morocco.
Channa, who wired 30 million euros (23,984,113 pounds) to a branch of Barclays in Manchester, forgot that the account he raided had to show a zero balance at the end of each day.
The Essex-based employee, who had been working at the bank for a year, admitted one count of conspiracy to defraud between April 1 and 18 this year and one of money laundering by sending the larger sum to the Western Saharan state.
A third count, alleging abuse of a position of trust, was "left on the file" and not proceeded with.
"Huge sums of money were involved. These speak for themselves," the since-sacked finance desk clerk was told by Judge Geoffrey Rivlin QC in Southwark Crown Court.
"This was no silly prank. This was a carefully planned and very serious attempt to transfer a fortune in money away, and it almost succeeded," the judge said.
"Others were involved, perhaps several others, and in the absence of any explanation from you I must assume this was a planned and sophisticated criminal enterprise," he added.
Twenty five year-old Jagmeet Channa, who worked at the Canary Wharf headquarters of the bank, hijacked his colleagues' identities to plunder the coffers of the bank.
Hoping the looming weekend would help hide his betrayal, Channa followed orders of fellow conspirators who had promised him a "cut", by first sending 60 million euros (47,970,227 pounds) from one of its trading accounts to Morocco.
Channa, who wired 30 million euros (23,984,113 pounds) to a branch of Barclays in Manchester, forgot that the account he raided had to show a zero balance at the end of each day.
The Essex-based employee, who had been working at the bank for a year, admitted one count of conspiracy to defraud between April 1 and 18 this year and one of money laundering by sending the larger sum to the Western Saharan state.
A third count, alleging abuse of a position of trust, was "left on the file" and not proceeded with.
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"Huge sums of money were involved. These speak for themselves," the since-sacked finance desk clerk was told by Judge Geoffrey Rivlin QC in Southwark Crown Court.
"This was no silly prank. This was a carefully planned and very serious attempt to transfer a fortune in money away, and it almost succeeded," the judge said.
"Others were involved, perhaps several others, and in the absence of any explanation from you I must assume this was a planned and sophisticated criminal enterprise," he added.
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