Trio charged as ICAC probe reveals rebate fraud and money laundering involving $320,000
2022-9-7
A former employee of a licensed money lender and two intermediary proprietors were charged by the ICAC today (September 7) with fraud and laundering crime proceeds revealed in the course of a corruption investigation. The trio had allegedly defrauded the money lender of referral rebates totalling about $320,000 by making false representations that a number of vehicle mortgage loan applications were referred by two intermediaries.
Tsang Kim-wa, 45, former senior marketing manager of Universal (Asia) Credit Limited (Universal Asia), faces four charges – one of fraud and one of attempted fraud, contrary to Section 16A(1) of the Theft Ordinance and Section 159G(1) of the Crimes Ordinance; and two of conspiracy to deal with property known or reasonably believed to represent proceeds of an indictable offence (commonly known as money laundering), contrary to Section 25(1) of the Organized and Serious Crimes Ordinance and Section 159A(1) of the Crimes Ordinance.
Co-defendants Huang Junjie and Huang Junfei, both aged 28 and respective proprietor of two companies named Fashion Car Company (Fashion Car) at different times, each jointly faces one of the above money laundering charges with Tsang.
The three defendants were released on ICAC bail, pending their appearance in the West Kowloon Magistrates’ Courts on Friday (September 9) for plea.
The alleged offences took place between September 2015 and September 2020. At the material time, Universal Asia provided vehicle mortgage loans service to its clients. Universal Asia would pay referral rebates to its designated intermediaries upon receipt of business referrals. Fashion Car was a designated intermediary company of Universal Asia.
The fraud charge alleges that Tsang falsely represented to Universal Asia that Fashion Car was the referrer of vehicle mortgage loans set out in 22 forms and was entitled to receive referral rebates totalling over $270,000, and with intent to defraud, induced Universal Asia to make payments to Fashion Car.
The attempted fraud charge alleges that Tsang made a similar false representation in another form, and with intent to defraud, attempted to induce Universal Asia to pay referral rebates of about $50,000 to Fashion Car.
The remaining two charges allege that Tsang respectively conspired together with Huang Junjie and Huang Junfei to deal with various sums totalling over $240,000 and a sum of over $30,000, knowing or having reasonable grounds to believe that they in whole or in part directly or indirectly represented any person’s proceeds of an indictable offence.
ICAC inquiries revealed that Tsang had allegedly arranged Huang Junjie and Huang Junfei to be the proprietors of Fashion Car, and the duo allowed Tsang to use the bank account of the company.
The investigation arose from a corruption complaint. Upon completion of the investigation, the ICAC sought legal advice from the Department of Justice, which advised charging the trio.
Universal Asia has rendered full assistance to the ICAC during its investigation into the case.
Tsang Kim-wa, 45, former senior marketing manager of Universal (Asia) Credit Limited (Universal Asia), faces four charges – one of fraud and one of attempted fraud, contrary to Section 16A(1) of the Theft Ordinance and Section 159G(1) of the Crimes Ordinance; and two of conspiracy to deal with property known or reasonably believed to represent proceeds of an indictable offence (commonly known as money laundering), contrary to Section 25(1) of the Organized and Serious Crimes Ordinance and Section 159A(1) of the Crimes Ordinance.
Co-defendants Huang Junjie and Huang Junfei, both aged 28 and respective proprietor of two companies named Fashion Car Company (Fashion Car) at different times, each jointly faces one of the above money laundering charges with Tsang.
The three defendants were released on ICAC bail, pending their appearance in the West Kowloon Magistrates’ Courts on Friday (September 9) for plea.
The alleged offences took place between September 2015 and September 2020. At the material time, Universal Asia provided vehicle mortgage loans service to its clients. Universal Asia would pay referral rebates to its designated intermediaries upon receipt of business referrals. Fashion Car was a designated intermediary company of Universal Asia.
The fraud charge alleges that Tsang falsely represented to Universal Asia that Fashion Car was the referrer of vehicle mortgage loans set out in 22 forms and was entitled to receive referral rebates totalling over $270,000, and with intent to defraud, induced Universal Asia to make payments to Fashion Car.
The attempted fraud charge alleges that Tsang made a similar false representation in another form, and with intent to defraud, attempted to induce Universal Asia to pay referral rebates of about $50,000 to Fashion Car.
The remaining two charges allege that Tsang respectively conspired together with Huang Junjie and Huang Junfei to deal with various sums totalling over $240,000 and a sum of over $30,000, knowing or having reasonable grounds to believe that they in whole or in part directly or indirectly represented any person’s proceeds of an indictable offence.
ICAC inquiries revealed that Tsang had allegedly arranged Huang Junjie and Huang Junfei to be the proprietors of Fashion Car, and the duo allowed Tsang to use the bank account of the company.
The investigation arose from a corruption complaint. Upon completion of the investigation, the ICAC sought legal advice from the Department of Justice, which advised charging the trio.
Universal Asia has rendered full assistance to the ICAC during its investigation into the case.