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UK NRI bank clerk charged with alleged attempted £70million fraud at HSBC


London, May 02, 2008
Punit Aggarwal

NRI Jagmeet Channa, 25, from Ilford, Essex has been charged with conspiracy to defraud, money laundering and abusing a position of trust at HSBC. He worked as an administration clerk and responsible for ensuring that records of trades were checked through at the end of the day at the bank's 42-storey headquarters in Canary Wharf, UK

City of London police said:

  • Three more men, remain on police bail in connection with the inquiry.
  • No customer funds were involved and no transactions were disrupted. No customer or bank funds were lost in the alleged fraud.
  • The alleged fraud involved moving money electronically from one account to another

In 2002, Goldman Sachs secretary stole £4.3million from her employers. The big lenders admited that they have lost billions of pounds on investments linked to America's subprime mortgage market. Bank control systems were already in the spotlight after the £3.8billion rogue trader scandal at French bank Societe Generale, according to local media.

A futures trader lost the business £71million by unauthorised gambling on the price of wheat. In March, Credit Suisse caused further disquiet by admitting it had discovered a £1.4billion fraud among its London-based traders.

UK HSBC is cooperating fully with a police investigation into an alleged fraud at the bank. The balance on HSBC’s main euro account, which normally holds between €30m and €1bn, is understood to have hit zero, before the bank traced a single transaction moving €90m from the account. The bank is believed to have recovered the funds.

Jagmeet Channa has been remanded in custody until June 25, when he will appear at Southwark Crown Court.



HSBC Building