Fireman charged over $300,000 loan fraud revealed in ICAC graft probe
2023-3-24
In the course of a corruption investigation by the ICAC, it was revealed that a Fireman allegedly deceived a financial institution into granting him a loan of $300,000 by not making full disclosure of his outstanding loans. The Fireman was charged by the ICAC with fraud yesterday (March 23).
Lee Lit-fung, 26, faces one count of fraud, contrary to section 16A of the Theft Ordinance. He was released on ICAC bail, pending his appearance in the Shatin Magistrates’ Courts next Monday (March 27) for plea.
In April 2021, the defendant applied for a loan of $400,000 with Public Finance Limited (Public Finance) and declared on the application form that he only had two outstanding loans totalling over $130,000. Public Finance subsequently granted a loan of $300,000 to the defendant.
The defendant allegedly falsely represented to Public Finance that the information he provided in the loan application form was true and complete, and that he had no other outstanding loans except those declared in the form, and with intent to defraud, induced Public Finance to grant the abovementioned loan to him.
The ICAC investigation arose from a corruption complaint. Enquiries revealed that the defendant did not make full disclosure of his outstanding loans to Public Finance, including two outstanding loans totalling about $180,000 granted by a bank and another financial institution respectively.
Had Public Finance known that the defendant had undisclosed outstanding loans, or that the information provided in the loan application form was not true and complete, it would not have granted the loan of $300,000 to the defendant.
Public Finance has rendered full assistance to the ICAC during its investigation into the case.
Lee Lit-fung, 26, faces one count of fraud, contrary to section 16A of the Theft Ordinance. He was released on ICAC bail, pending his appearance in the Shatin Magistrates’ Courts next Monday (March 27) for plea.
In April 2021, the defendant applied for a loan of $400,000 with Public Finance Limited (Public Finance) and declared on the application form that he only had two outstanding loans totalling over $130,000. Public Finance subsequently granted a loan of $300,000 to the defendant.
The defendant allegedly falsely represented to Public Finance that the information he provided in the loan application form was true and complete, and that he had no other outstanding loans except those declared in the form, and with intent to defraud, induced Public Finance to grant the abovementioned loan to him.
The ICAC investigation arose from a corruption complaint. Enquiries revealed that the defendant did not make full disclosure of his outstanding loans to Public Finance, including two outstanding loans totalling about $180,000 granted by a bank and another financial institution respectively.
Had Public Finance known that the defendant had undisclosed outstanding loans, or that the information provided in the loan application form was not true and complete, it would not have granted the loan of $300,000 to the defendant.
Public Finance has rendered full assistance to the ICAC during its investigation into the case.