Police constable penalised for loan-sharking and dealing with illegal proceeds
2008-9-8
A Police Constable, charged by the ICAC, was today (Monday) sentenced to 12 months’ imprisonment, suspended for two years, at the Eastern Magistracy for loan-sharking activities and dealing with illegal proceeds.
Chan Wai-wing, 38, pleaded guilty to three charges - two of aiding and abetting a person to lend money at an excessive rate of interest which exceeds 60 per cent per annum, and one of dealing with property knowing or believing it to represent the proceeds of an indictable offence.
The prosecution offered no evidence to one count of lending money at an excessive rate of interest against him.
The case arose from a corruption complaint. Subsequent ICAC enquiries revealed the above offences.
The court heard that a friend of Chan asked him for a loan in September 2005.
Chan subsequently gave her $100,000, which he claimed was obtained from a loan shark syndicate. They agreed that the monthly interest would be $15,000, plus a penalty of $1,000 per day for any late payment.
The court heard that the interest rate for the aforesaid loan was about 481 per cent per annum.
When she could not make repayment in February last year, Chan obtained another loan of $100,000 for her, at an interest rate of 570 per cent per annum.
The court also heard that between October 29, 2005 and May 8 last year, there had been 65 repayments in a total sum of $512,400 for the two loans, which were credited into Chan’s bank accounts.
The defendant was caught red-handed on June 21 last year after receiving $10,000 marked money from the woman.
The prosecution was today represented by Senior Court Prosecutor Kalina Wong Suk-lan, assisted by ICAC officer Grace Yee.
Chan Wai-wing, 38, pleaded guilty to three charges - two of aiding and abetting a person to lend money at an excessive rate of interest which exceeds 60 per cent per annum, and one of dealing with property knowing or believing it to represent the proceeds of an indictable offence.
The prosecution offered no evidence to one count of lending money at an excessive rate of interest against him.
The case arose from a corruption complaint. Subsequent ICAC enquiries revealed the above offences.
The court heard that a friend of Chan asked him for a loan in September 2005.
Chan subsequently gave her $100,000, which he claimed was obtained from a loan shark syndicate. They agreed that the monthly interest would be $15,000, plus a penalty of $1,000 per day for any late payment.
The court heard that the interest rate for the aforesaid loan was about 481 per cent per annum.
When she could not make repayment in February last year, Chan obtained another loan of $100,000 for her, at an interest rate of 570 per cent per annum.
The court also heard that between October 29, 2005 and May 8 last year, there had been 65 repayments in a total sum of $512,400 for the two loans, which were credited into Chan’s bank accounts.
The defendant was caught red-handed on June 21 last year after receiving $10,000 marked money from the woman.
The prosecution was today represented by Senior Court Prosecutor Kalina Wong Suk-lan, assisted by ICAC officer Grace Yee.