Clerk jailed for nine years after HSBC fraud attempt

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.’

Further reading:

the Times’ story

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