Hong Kong Bank Employee Sentenced to 4 Years for Certifying $1.6 Billion in Fake Letters of Credit

A former Hong Kong bank employee has been sentenced to four years in prison for certifying fraudulent letters of credit worth more than $160 million (approximately HKD 2.2192 billion) and accepting cryptocurrency bribes. The Independent Commission Against Corruption (ICAC) revealed that Lam Chun-yin, a former client relationship manager at China Construction Bank (Asia), admitted to receiving over $470,000 (approximately HKD 65.19 million) in Tether payments without bank approval to authenticate false documents.

Lam Chun-yin was found guilty of colluding with officials from a fintech company between April and June 2022 to certify two fabricated standby letters of credit, falsely presented as issued by China Construction Bank, and collateral documents purportedly issued by Yu Po and guaranteed by the same bank. Hong Kong courts sentenced him on the 18th.