We use cookies to provide you with a better experience. If you continue to use this site, we'll assume you're happy with this. Alternatively, click here to find out how to manage these cookies

hide cookie message
80,259 News Articles

HSBC fraudster gets nine years in prison

Former bank worker sentenced

A 25-year-old former bank worker has been sentenced nine years jail for a failed £70m electronic fraud.

Jagmeet Channa, 25, from Ilford, east of London, admitted conspiracy to defraud and money laundering.

The court heard that Channa was arrested following a City of London Police investigation into the transfer of €90 million from HSBC to accounts in Manchester (€30 million) and Morocco (€60 million).

Sentencing him, Judge Geoffrey Rivlin QC said, "This was a carefully planned and very serious attempt to transfer a fortune in money away, and it almost succeeded.... The evidence against you is quite overwhelming."

It is believed that Channa was the inside man for a sophisticated cybercrime gang, but no other people have been arrested for the crime.

Speaking shortly after sentencing DI Richard Fisher, from the City of London Police's Economic Crime Department, said, "Today's sentence reflects the large sum of money involved in this crime.

"It also sends a strong message to other financial services staff who may be tempted to abuse their position that they will be caught and can expect a tough sentence."


IDG UK Sites

Best camera phone of 2015: iPhone 6 Plus vs LG G4 vs Galaxy S6 vs One M9 vs Nexus 6

IDG UK Sites

In defence of BlackBerrys

IDG UK Sites

Why we should reserve judgement on Apple ditching Helvetica in OS X/iOS for the Apple Watch's San...

IDG UK Sites

Retina 3.3GHz iMac 27in preview: Apple cuts £400 of price of Retina iMac with new model