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07/07/2008
Bank Heist Clerk Jailed
A bank clerk has been imprisoned for attempting to steal almost £72 million from HSBC.
It is understood that Jagmeet Channa, 25, who worked at the Canary Wharf headquarters, used colleague's identities to "plunder" accounts.
Channa, of Church Road, Ilford, Essex, admitted to one count of conspiracy to defraud between April 1 and 18 this year and one of money laundering by sending large amounts of cash to the Western Saharan state.
It is understood Channa sent €60 million (£47,970,227) from a trading account to Morroco and a further €30 million (£23,984,113) to a branch of Barclays in Manchester.
He was caught when he forgot to leave the account he had raided with a zero balance.
The debit was discovered by HSBC workers in Malaysia on a Sunday who alerted their colleagues in Lonodon.
Judge Geoffrey Rivlin QC handing down sentencing at Southwark Crown Court said "this was no silly prank" and "this was a carefully planned and very serious attempt to transfer a fortune in money away".
"I must assume this was a planned and sophisticated criminal enterprise," he said.
Two of Channa's colleagues, whose passwords were used to carry out and approve the transactions were initially questioned but released without charge.
Both Barclays and a bank in Casablanca have been informed.
Detective Sergeant Martin Peters said the crime "is believed to be one of the largest frauds of its kind" and it is "thanks to the prompt response of the police and the banks that the money was recovered".
Headquartered in London, the HSBC Group's international network comprises of more than 5,000 offices in 79 countries.
(DS)
It is understood that Jagmeet Channa, 25, who worked at the Canary Wharf headquarters, used colleague's identities to "plunder" accounts.
Channa, of Church Road, Ilford, Essex, admitted to one count of conspiracy to defraud between April 1 and 18 this year and one of money laundering by sending large amounts of cash to the Western Saharan state.
It is understood Channa sent €60 million (£47,970,227) from a trading account to Morroco and a further €30 million (£23,984,113) to a branch of Barclays in Manchester.
He was caught when he forgot to leave the account he had raided with a zero balance.
The debit was discovered by HSBC workers in Malaysia on a Sunday who alerted their colleagues in Lonodon.
Judge Geoffrey Rivlin QC handing down sentencing at Southwark Crown Court said "this was no silly prank" and "this was a carefully planned and very serious attempt to transfer a fortune in money away".
"I must assume this was a planned and sophisticated criminal enterprise," he said.
Two of Channa's colleagues, whose passwords were used to carry out and approve the transactions were initially questioned but released without charge.
Both Barclays and a bank in Casablanca have been informed.
Detective Sergeant Martin Peters said the crime "is believed to be one of the largest frauds of its kind" and it is "thanks to the prompt response of the police and the banks that the money was recovered".
Headquartered in London, the HSBC Group's international network comprises of more than 5,000 offices in 79 countries.
(DS)
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