A Hong Kong court sentenced Lam Chun-yin, a former relationship manager at China Construction Bank (Asia), to four years in prison. The 32-year-old banker accepted bribes in Tether totaling over $470,000 to authenticate forged bank instruments. These documents falsely claimed a value exceeding $1.6 billion.
The scheme involved Vesttoo Limited, a now-defunct fintech firm. Between April and June 2022, Lam conspired with associates to issue fake standby letters of credit and collateral letters. Although Lam worked in consumer banking, he posed as a contact point for issuing guarantees, a task he was never authorized to perform.
The fraud came to light following an internal investigation by the bank, which subsequently reported the corruption to the Independent Commission Against Corruption. Judge Ernest Lin Kam-hung ordered Lam to repay approximately HK 3.7 million to the bank, an amount equivalent to the bribes received.
The ICAC is currently seeking arrest warrants for other individuals involved in the conspiracy. Meanwhile, Hong Kong authorities continue to address digital asset-related crimes, having frozen virtual assets worth HK 480 million in 2025 and prosecuting 16 people in a separate fraud case involving 2,700 victims.
