Ex-consultant of financial services company charged with $20m fraud over Capital Investment Entrant Scheme
2019-1-2
A former consultant of a financial services company has been charged by the ICAC today (January 2) for her alleged role in a $20 million fraud in relation to an application for residency in Hong Kong under the Capital Investment Entrant Scheme (CIES).
Liu Jialin, 31, former financial consultant of Beijing Centaline Financial Services Limited (BCFSL), faces one count of fraud, contrary to Section 16A(1) of the Theft Ordinance.
The defendant will be brought to the Eastern Magistracy tomorrow (January 3) for mention.
The ICAC investigation arose from a corruption complaint referred by Centaline Group Management Limited (CGML), of which BCFSL is a subsidiary on the Mainland. Liu, who played an alleged role in the case, had not visited Hong Kong since August 2012.
Liu was arrested by ICAC officers at the Lok Ma Chau Control Point yesterday (January 1) upon entering Hong Kong.
Pursuant to legal advice from the Department of Justice, Liu was charged with one count of fraud.
At the material time, Liu was a financial consultant of BCFSL. In June 2012, a Mainlander and his mother engaged BCFSL to apply to the Immigration Department for residency in Hong Kong under CIES, which requires an applicant to invest not less than $10 million in prescribed investment assets, including bonds, in Hong Kong.
The charge alleges that between August 26 and September 4, 2012, the defendant falsely represented to the applicant and his mother that CGML did not provide investment services in Hong Kong, and with intent to defraud, induced the applicant to transfer a total of $20,740,000 to their securities trading accounts with another investment services firm, which resulted in benefit to that firm or prejudice to the applicant.
In fact, had the applicant known that CMGL also provided such investment services for CIES applicants in Hong Kong, he and his mother would not have made the investment via the afore-mentioned investment services firm.
CMGL has rendered full assistance to the ICAC during its investigation into the case.
Liu Jialin, 31, former financial consultant of Beijing Centaline Financial Services Limited (BCFSL), faces one count of fraud, contrary to Section 16A(1) of the Theft Ordinance.
The defendant will be brought to the Eastern Magistracy tomorrow (January 3) for mention.
The ICAC investigation arose from a corruption complaint referred by Centaline Group Management Limited (CGML), of which BCFSL is a subsidiary on the Mainland. Liu, who played an alleged role in the case, had not visited Hong Kong since August 2012.
Liu was arrested by ICAC officers at the Lok Ma Chau Control Point yesterday (January 1) upon entering Hong Kong.
Pursuant to legal advice from the Department of Justice, Liu was charged with one count of fraud.
At the material time, Liu was a financial consultant of BCFSL. In June 2012, a Mainlander and his mother engaged BCFSL to apply to the Immigration Department for residency in Hong Kong under CIES, which requires an applicant to invest not less than $10 million in prescribed investment assets, including bonds, in Hong Kong.
The charge alleges that between August 26 and September 4, 2012, the defendant falsely represented to the applicant and his mother that CGML did not provide investment services in Hong Kong, and with intent to defraud, induced the applicant to transfer a total of $20,740,000 to their securities trading accounts with another investment services firm, which resulted in benefit to that firm or prejudice to the applicant.
In fact, had the applicant known that CMGL also provided such investment services for CIES applicants in Hong Kong, he and his mother would not have made the investment via the afore-mentioned investment services firm.
CMGL has rendered full assistance to the ICAC during its investigation into the case.