Mortgage loan applicant revealed in ICAC graft probe admits $3.5m fraud
2022-11-1
A mortgage loan applicant, charged by the ICAC, today (November 1) admitted at the Eastern Magistrates’ Courts that she had deceived a financial services company into granting her a mortgage loan of about $3.5 million by making false representations about her occupation and salary, which was revealed in the course of a corruption investigation.
Pang Suet-yin, 49, packaging worker, pleaded guilty to one count of fraud, contrary to Section 16A(1) of the Theft Ordinance.
Magistrate Mr Jason Wan Siu-ming adjourned the case to February 23, 2023 for mention. The defendant was granted bail.
The court heard that in June 2018, the defendant applied for a mortgage loan of about $3.5 million with OCBC Wing Hang Credit Limited (Wing Hang Credit) through a financial intermediary. She stated in the application form, which was supported by an employment proof and bank account statements, that she was employed by an education centre as an education services manager for four years with a monthly salary of $85,000.
The loan mortgage application of the defendant was subsequently approved by Wing Hang Credit and a drawdown of about $3.5 million was made in July 2018.
The ICAC investigation arose from a corruption complaint received earlier. Investigation revealed that at the material time, the defendant was a tutor of the above education centre with monthly salary of $7,000, the education centre had never issued the employment proof to the defendant in support of her mortgage loan application. It was further revealed in the ICAC investigation that she had made four cash deposits, each in the amount of $85,000, into her bank account purporting to be the monthly salary she received.
Had Wing Hang Credit known the mortgage loan application of the defendant and supporting documents contained fraudulent information, it would not have approved her application.
Wing Hang Credit had rendered full assistance to the Commission during its investigation into the case.
The prosecution was today represented by ICAC officer Andrew Ho.
Pang Suet-yin, 49, packaging worker, pleaded guilty to one count of fraud, contrary to Section 16A(1) of the Theft Ordinance.
Magistrate Mr Jason Wan Siu-ming adjourned the case to February 23, 2023 for mention. The defendant was granted bail.
The court heard that in June 2018, the defendant applied for a mortgage loan of about $3.5 million with OCBC Wing Hang Credit Limited (Wing Hang Credit) through a financial intermediary. She stated in the application form, which was supported by an employment proof and bank account statements, that she was employed by an education centre as an education services manager for four years with a monthly salary of $85,000.
The loan mortgage application of the defendant was subsequently approved by Wing Hang Credit and a drawdown of about $3.5 million was made in July 2018.
The ICAC investigation arose from a corruption complaint received earlier. Investigation revealed that at the material time, the defendant was a tutor of the above education centre with monthly salary of $7,000, the education centre had never issued the employment proof to the defendant in support of her mortgage loan application. It was further revealed in the ICAC investigation that she had made four cash deposits, each in the amount of $85,000, into her bank account purporting to be the monthly salary she received.
Had Wing Hang Credit known the mortgage loan application of the defendant and supporting documents contained fraudulent information, it would not have approved her application.
Wing Hang Credit had rendered full assistance to the Commission during its investigation into the case.
The prosecution was today represented by ICAC officer Andrew Ho.