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Ex-Standard Chartered managers jailed over HK$28m Africa investment scam
SCMP Economy says 21 Japanese investors were deceived into investing 405.5 million yen from 2015 to 2016, after bogus refund notes promised a combined US$7.2 million return.
SCMP Economy reports that two former Standard Chartered Bank relationship managers in Hong Kong were sentenced to three years in jail for swindling HK$28 million from 21 Japanese investors tied to alleged Africa development projects.
The District Court said Woo Man-ho and Chan Tak-ching faced a total of four counts of conspiracy to defraud stemming from a transnational investment scam running between January 2015 and September 2016.
According to the outlet, the men pleaded guilty to making false representations about the financial capacity of a Hong Kong-based company at the behest of four foreign nationals still at large, and issued four bogus corporate refund promissory notes.
Those notes falsely claimed the bank would guarantee a combined return of US$7.2 million for investors in ADF, African Development Funding, leading to investments totaling 405.5 million yen, while one victim lost 171 million yen that was previously worth about HK$12 million.