Lam Chun-yin, a former customer relationship manager at China Construction Bank (Asia), received a four-year prison sentence on September 18. The court found him guilty of accepting bribes in Tether totaling more than $470,000.
In exchange for the payments, Lam verified fabricated financial documents, including standby letters of credit and pledge letters. The total face value of these falsified instruments exceeded $1.6 billion.
The illicit activities occurred between April and June 2022 and involved the fintech platform Vesttoo Limited and Yu Po Holdings Limited. The case was prosecuted by Hong Kong’s Independent Commission Against Corruption.
Judge Ernest Lin Kam-hung initially set the sentence at six years, which was reduced by one-third due to the guilty plea. Additionally, the court ordered Lam to repay HKD 3.7 million to the bank.
The investigation began following an internal probe by the bank in 2022. Authorities have issued outstanding arrest warrants for other individuals connected to the fraudulent scheme.
