Recent ICAC Cases

Sep 2022
Mortgage loan applicant revealed in ICAC graft probe admits $1.7m fraud

A mortgage loan applicant, charged by the ICAC, today (September 29) admitted at the Eastern Magistrates’ Courts that she had deceived a financial services company into granting her a mortgage loan of $1.7 million by making false representations about her occupation and salary. The illegal activities were revealed in the course of a corruption investigation.

Cheung Leung, 50, unemployed, pleaded guilty to one count of fraud, contrary to Section 16A(1) of the Theft Ordinance.

Principal Magistrate Mr Peter Law Tak-chuen adjourned the case to March 20 next year for mention. The defendant was granted bail.

The court heard that in late October 2018, the defendant applied for a mortgage loan of $1.7 million with OCBC Wing Hang Credit Limited (Wing Hang Credit) through a financial intermediary. She stated in the application form, which was supported by an employment proof and bank account statements, that she was employed by a company as trading manager for eight years with a monthly salary of $150,000.

The loan mortgage application of the defendant was subsequently approved by Wing Hang Credit and a drawdown of $1.7 million was made in late 2018.

The ICAC investigation arose from a corruption complaint. Investigation revealed that the defendant was unemployed at the material time. The relevant employment proof was false and the defendant had never been employed by her purportedly employer.

ICAC investigation also revealed that the defendant had made cash deposits in the amount of $95,000 and $150,000 into her bank account purporting to be the monthly salary she received.

Had Wing Hang Credit known the mortgage loan application of the defendant and supporting documents contained fraudulent information, it would not have approved her application.

Wing Hang Credit had rendered full assistance to the Commission during its investigation into the case.

The prosecution was today represented by ICAC officer Andrew Ho.

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