Trading company's general manager faces court for alleged HK$16.5m 'double-discounting' fraud
2003-6-11
The general manager of a trading company, who was arrested by the ICAC during a corruption inquiry, was today (Wednesday) charged and brought to Eastern Magistracy for an alleged scam to defraud three financial institutions of about US$2.12 million (about HK$16.5 million) by "double-discounting" export bills.
Rajendra JAIN, 50, general manager of Texuna International Limited (Texuna), faced one holding charge of conspiracy to defraud.
No plea was taken. Magistrate Mr David Dufton adjourned the case until August 11, 2003.
The defendant was granted cash bail of HK$500,000. He was ordered to surrender all travel documents, not to leave Hong Kong, and not to interfere with prosecution witnesses.
Texuna is an international trading and investment company based in the United Kingdom.
The charge alleged that between April 1 and May 31, 2003, JAIN had conspired with another person to defraud Indian Overseas Bank, Indo Hong Kong International Finance Limited and Noble Group Limited (the financial institutions).
JAIN was alleged to have dishonestly caused the financial institutions to discount export bills which had already been discounted by another one of the financial institutions, thereby advancing money against commercial transactions for which advances had already been made.
The prosecution was today represented by ICAC officer Calvin Wong.
Rajendra JAIN, 50, general manager of Texuna International Limited (Texuna), faced one holding charge of conspiracy to defraud.
No plea was taken. Magistrate Mr David Dufton adjourned the case until August 11, 2003.
The defendant was granted cash bail of HK$500,000. He was ordered to surrender all travel documents, not to leave Hong Kong, and not to interfere with prosecution witnesses.
Texuna is an international trading and investment company based in the United Kingdom.
The charge alleged that between April 1 and May 31, 2003, JAIN had conspired with another person to defraud Indian Overseas Bank, Indo Hong Kong International Finance Limited and Noble Group Limited (the financial institutions).
JAIN was alleged to have dishonestly caused the financial institutions to discount export bills which had already been discounted by another one of the financial institutions, thereby advancing money against commercial transactions for which advances had already been made.
The prosecution was today represented by ICAC officer Calvin Wong.