HSBC Staffer Convicted for Attempted Ç90m Theft
A British bank employee has been sentenced to a
nine-year prison sentence for attempting a Ç90 million (US$141 million) fraud using identities stolen from his colleagues. Jagmeet Channa, who worked at HSBC headquarters in LondonÆs Canary Wharf, used the stolen IDs to raid a trading account at HSBC and transfer Ç30 million to a Barclays Bank branch in Manchester, UK and Ç60 million to a bank in Casablanca, Morocco. However, a mistake made by Channa led to the discovery of the depleted account by HSBC staff in Malaysia. Evidence from security cameras helped to identify Channa as the source of the fraud. HSBC was able to contact the banks in Manchester and Casablanca and recover the stolen funds. No charges have been brought against bank staff whose ID and passwords were used for the fraud. An HSBC UK spokesperson told ePaynews that the bank had cooperated fully with the police investigation. ôNo customer funds and no bank funds were stolen during the attempted fraud, and no transactions were disrupted,ö he said. Channa was sentenced at Southwark Crown Court in London by Judge Geoffrey Rivlin. ôWhere anyone acting in flagrant breach of trust attempts to steal many millions of pounds, the sentence will inevitably be a very long one,ö Rivlin said. Related Links
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