A Hong Kong court has sentenced former China Construction Bank (Asia) relationship manager Lam Chun-yin to four years in prison after he admitted taking more than $470,000 in USDT bribes between April and June 2022 to certify false banking documents. The District Court, with Judge Ernest Lin Kam-hung presiding, also ordered Lam to repay about HK$3.7 million to CCB (Asia), an amount the court said was equivalent to the crypto bribes involved in the case.
According to the Independent Commission Against Corruption, Lam was working in the personal banking department of CCB (Asia)'s Causeway Bay retail branch at the time and did not have authority to handle commercial lending or letters of credit. ICAC said he conspired with a department head from the Vesttoo platform and others to certify 88 false standby letters of credit and two false letters of guarantee for Yu Po Holdings Limited. The face value of those documents exceeded $1.6 billion. ICAC also said Vesttoo has ceased operations and arrest warrants have been issued for other people tied to the case.
A Hong Kong District Court has sentenced former China Construction Bank (Asia) relationship manager Lam Chun-yin to four years in prison after he admitted taking more than $470,000 in USDT bribes between April and June 2022 to certify false banking documents.
Judge Ernest Lin Kam-hung also ordered Lam to repay about HK$3.7 million to CCB (Asia), which the court said was equivalent to the amount involved in the crypto bribes.
ICAC outlines the case
The Independent Commission Against Corruption said Lam was working in the personal banking department of CCB (Asia)'s Causeway Bay retail branch at the time. It said he had no authority to handle commercial credit or letter of credit business.
According to ICAC, Lam conspired with a department head from the Vesttoo platform and others to certify 88 false standby letters of credit and two false letters of guarantee for Yu Po Holdings Limited. The documents carried a face value of more than $1.6 billion.
Vesttoo no longer operating
ICAC said the Vesttoo platform has stopped operating. It has also issued arrest warrants for other individuals involved in the case.
The item was published by Techub and cited crypto.news.
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