Duo charged with $1.7m loans and commissions fraud
2018-8-29
A former direct sales representative of a bank and a former chief financial analysis manager of a financial intermediary have been charged by the ICAC today (August 29) with respectively defrauding the bank of loans of over $1.7 million in total for nine applicants and commissions amounting to more than $64,000 by fraudulent means.
Yip Kin-ming, 41, former direct sales representative of DBS Bank (Hong Kong) Limited (DBS Bank), and Ng Siu-lun, also known as Alan Ng, 31, former chief financial analysis manager of Quinaray Development Company Limited (QDCL), face a joint charge of conspiracy to defraud, contrary to Common Law.
Yip alone also faces eight counts of fraud, contrary to Section 16A of the Theft Ordinance.
The defendants will appear in the Eastern Magistracy on Friday (August 31) for transfer to the District Court for plea.
The case arose from a corruption complaint. Subsequent ICAC enquiries revealed the above alleged offences.
At the material time, Yip was a direct sales representative of DBS Bank, who was responsible for sourcing potential loan customers by operating street booths and distributing promotional items such as handbills. The bank prohibited its direct sales representatives from acquiring loan applicants by cold calls and handling referrals from financial intermediaries.
Ng was a chief financial analysis manager of QDCL, a financial intermediary, who was tasked to arrange for potential loan applicants to apply for loans from financial institutions.
The joint charge alleges that between October 26 and December 23, 2015, Yip and Ng conspired together and with other unknown persons to defraud DBS Bank by dishonestly concealing from and failing to disclose to the bank that a loan applicant was referred by QDCL for loan application, thereby causing the bank to process and grant a loan of $107,000 to him and pay commission of $3,424 to Yip.
Eight other charges allege that between July 23, 2015 and February 2, 2016, Yip concealed from and failed to disclose to DBS Bank that eight other loan applicants were referred by QDCL and two other financial intermediaries for loan applications, and with intent to defraud, induced the bank to process and approve the loan applications in a total sum of $1,596,000 and pay commissions of $60,620 in total to him, which resulted in benefit to him or prejudice to the bank.
DBS Bank has rendered full assistance to the ICAC during its investigation into the case.
The defendants have been released on ICAC bail, pending their court appearance on Friday.
Yip Kin-ming, 41, former direct sales representative of DBS Bank (Hong Kong) Limited (DBS Bank), and Ng Siu-lun, also known as Alan Ng, 31, former chief financial analysis manager of Quinaray Development Company Limited (QDCL), face a joint charge of conspiracy to defraud, contrary to Common Law.
Yip alone also faces eight counts of fraud, contrary to Section 16A of the Theft Ordinance.
The defendants will appear in the Eastern Magistracy on Friday (August 31) for transfer to the District Court for plea.
The case arose from a corruption complaint. Subsequent ICAC enquiries revealed the above alleged offences.
At the material time, Yip was a direct sales representative of DBS Bank, who was responsible for sourcing potential loan customers by operating street booths and distributing promotional items such as handbills. The bank prohibited its direct sales representatives from acquiring loan applicants by cold calls and handling referrals from financial intermediaries.
Ng was a chief financial analysis manager of QDCL, a financial intermediary, who was tasked to arrange for potential loan applicants to apply for loans from financial institutions.
The joint charge alleges that between October 26 and December 23, 2015, Yip and Ng conspired together and with other unknown persons to defraud DBS Bank by dishonestly concealing from and failing to disclose to the bank that a loan applicant was referred by QDCL for loan application, thereby causing the bank to process and grant a loan of $107,000 to him and pay commission of $3,424 to Yip.
Eight other charges allege that between July 23, 2015 and February 2, 2016, Yip concealed from and failed to disclose to DBS Bank that eight other loan applicants were referred by QDCL and two other financial intermediaries for loan applications, and with intent to defraud, induced the bank to process and approve the loan applications in a total sum of $1,596,000 and pay commissions of $60,620 in total to him, which resulted in benefit to him or prejudice to the bank.
DBS Bank has rendered full assistance to the ICAC during its investigation into the case.
The defendants have been released on ICAC bail, pending their court appearance on Friday.