Property buyer charged by ICAC in court for $4.6m mortgage loan fraud
2026-2-3
A property buyer appeared at the Eastern Magistrates’ Courts this morning (February 3) for mention after being charged by the ICAC for allegedly deceiving a bank and the HKMC Insurance Limited (HKMCI) into granting a mortgage loan totalling over $4.6 million with a loan-to-value (LTV) ratio of 90 per cent by making false representations that a residential property was for self-use.
Wong Tat-wing, 33, Police Constable, faced two counts of fraud, contrary to section 16A(1) of the Theft Ordinance. Wong and his mother, Chan Nga-chau, 61, further faced two counts of conspiracy to defraud, contrary to the Common Law.
No plea was taken when the defendants appeared at court for mention today. Magistrate Mr Tobias Cheng Yun-chung adjourned the case to March 31 for mention, and granted the duo bail.
The above offences were revealed in the course of an ICAC corruption investigation. At the material time, banks could provide mortgage loans with LTV ratio of up to 60 per cent for self-occupancy private residential properties valued below $10 million according to the guidelines of the Hong Kong Monetary Authority. Under the Mortgage Insurance Programme of the HKMCI, the ceiling of LTV ratio for banks’ mortgage loans would be adjusted to 90 per cent. Loan applicants were required to report to the banks immediately should there be any changes in the self-occupancy status while the banks would reserve the right to cancel the mortgage loans or impose additional conditions.
In July 2020, Wong purchased a residential property in Ngau Tau Kok at $5 million. He subsequently applied to HSBC for a mortgage loan under the HKMCI’s Mortgage Insurance Programme while his mother stood as his guarantor in the application.
Two of the charges alleged that between August and October 2020, Wong, when applying for the mortgage loan and the mortgage insurance, had falsely represented to HSBC and the HKMCI respectively that he had intended to continue to occupy the property in Ngau Tau Kok, and with intention to defraud, induced HSBC to make a mortgage loan payment totalling over $4.6 million to him for the property, and induced the HKMCI to provide him mortgage loan cover in relation to the property.
The remaining two charges alleged that after the mortgage loan was approved, Wong and Chan had conspired together between October 2020 and April 2023 to defraud HSBC and the HKMCI by falsely representing that Wong would continue to reside in the property; and concealing that it was not occupied by Wong or his immediate family members; causing HSBC and the HKMCI not taking any action against Wong in respect of the mortgage loan.
The ICAC investigation revealed that at the material time, Wong had allegedly leased out the property to a tenant through an estate agency, and Wong or his family did not reside in the property.
HSBC and the HKMCI rendered full assistance to the ICAC during its investigation into the case.
The prosecution was today represented by ICAC officer Eric Ho.
Wong Tat-wing, 33, Police Constable, faced two counts of fraud, contrary to section 16A(1) of the Theft Ordinance. Wong and his mother, Chan Nga-chau, 61, further faced two counts of conspiracy to defraud, contrary to the Common Law.
No plea was taken when the defendants appeared at court for mention today. Magistrate Mr Tobias Cheng Yun-chung adjourned the case to March 31 for mention, and granted the duo bail.
The above offences were revealed in the course of an ICAC corruption investigation. At the material time, banks could provide mortgage loans with LTV ratio of up to 60 per cent for self-occupancy private residential properties valued below $10 million according to the guidelines of the Hong Kong Monetary Authority. Under the Mortgage Insurance Programme of the HKMCI, the ceiling of LTV ratio for banks’ mortgage loans would be adjusted to 90 per cent. Loan applicants were required to report to the banks immediately should there be any changes in the self-occupancy status while the banks would reserve the right to cancel the mortgage loans or impose additional conditions.
In July 2020, Wong purchased a residential property in Ngau Tau Kok at $5 million. He subsequently applied to HSBC for a mortgage loan under the HKMCI’s Mortgage Insurance Programme while his mother stood as his guarantor in the application.
Two of the charges alleged that between August and October 2020, Wong, when applying for the mortgage loan and the mortgage insurance, had falsely represented to HSBC and the HKMCI respectively that he had intended to continue to occupy the property in Ngau Tau Kok, and with intention to defraud, induced HSBC to make a mortgage loan payment totalling over $4.6 million to him for the property, and induced the HKMCI to provide him mortgage loan cover in relation to the property.
The remaining two charges alleged that after the mortgage loan was approved, Wong and Chan had conspired together between October 2020 and April 2023 to defraud HSBC and the HKMCI by falsely representing that Wong would continue to reside in the property; and concealing that it was not occupied by Wong or his immediate family members; causing HSBC and the HKMCI not taking any action against Wong in respect of the mortgage loan.
The ICAC investigation revealed that at the material time, Wong had allegedly leased out the property to a tenant through an estate agency, and Wong or his family did not reside in the property.
HSBC and the HKMCI rendered full assistance to the ICAC during its investigation into the case.
The prosecution was today represented by ICAC officer Eric Ho.