Clerk jailed for nine years after HSBC fraud attempt

Failed fraud sees former HSBC HQ clerk face a nine year stretch

Written by Kevin Reed

A former HSBC head office clerk has been jailed for nine years after he attempted to siphon £72m from the bank's accounts.

Jagmeet Channa was sentenced to nine years at Southwark Crown Court after pleading guilty to conspiracy to defraud and another charge of money laundering.

He stole colleagues' passwords at the bank's HQ and wired tens of millions of pounds from HSBC trading accounts to the Malaysian branch of Societe Generale, and to a Barclays branch in Manchester.

He has refused to discuss who else was involved in the fraud attempt.

Judge Rivlin said: "Others were involved, perhaps several others, and in the absence of any explanation from you I must assume this was a planned and sophisticated criminal enterprise.

'You say you had no idea who these people were or what was going to happen to the money. I regret I cannot accept this statement.'

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