A Hong Kong court sentenced former China Construction Bank (Asia) manager Lam Chun-yan to four years in prison. The 32-year-old banker was found guilty of accepting bribes in USDT for verifying fraudulent banking documents.
Between April and June 2022, Lam collaborated with individuals from the fintech firm Vesttoo to issue fake standby letters of credit. The total nominal value of these forged documents exceeded $1.6 billion.
The scheme involved 88 fictitious documents. Lam received over $470 000 in USDT from a Vesttoo employee and other intermediaries. The fraud was uncovered during an internal investigation by the bank.
Judge Ernest Lin Kam-hung initially set the sentence at six years but reduced it by one-third following the defendant's guilty plea. Lam was also ordered to pay restitution of approximately HKD 3.7 million to the bank.
