UK bank fraud plot
LONDON, July 3 (Reuters) – A bank clerk pleaded guilty in Britain on Thursday to conspiracy to defraud HSBC bank of more than $140 million, police said.
The City of London police said Jagmeet Channa, from Ilford east of London, had pleaded guilty to the plot, in which 90 million euros ($142.9 million) were transferred from HSBC to accounts in Manchester and Morocco.
The funds were recovered after the bank spotted the fraud, and no money was actually lost, police said.
“The City of London Police takes a robust stance against members of staff that abuse their position and steal from their employer,” the police force said in a statement.
Channa pleaded guilty to conspiracy to defraud and money laundering, and is due to be sentenced on Monday at Southwark Crown Court, the statement said.
HSBC said it was glad that the prosecution was successful and the case was now closed, adding that no money from the bank or its customers was lost and no transactions were disrupted.