Tuesday, July 8, 2008

Ex-HSBC Clerk Sentenced For 9 Years in Prison

Times Online announced in this article that Judge Geoffrey Rivlin, from Southwark Crown Court in England, sentenced Jagmeet Channa to nine years in prison. Channa, a former clerk for HSBC, had pleaded guilty for one count of conspiracy to defraud, and one count of money laundering. He admitted that he used his former colleagues’ passwords to wire approximately ₤72 million to contacts of his in Manchester and Morocco. At first his colleagues were apprehended, however, upon further investigation it came to light that Channa was solely responsible. Channa refused to cooperate with police in identifying his contacts that he wired money to, and as a result faces the maximum penalty.

A detective, Sergeant Martin Peters, was quoted as saying “This crime is believed to be one of the largest frauds of its kind and it is thanks to the prompt response of the police and the banks that the money was recovered.” The only monetary loss reported is to HSBC, in the amount ₤54,000 for interest that it could have accrued.

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