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ICAC sues Standard Chartered Bank account executives and their parents for unauthorized transfer of funds on behalf of customers to defraud more than $4,000

2021-02-25T07:28:58.089Z


The Independent Commission Against Corruption yesterday (24) sued a customer development director of Standard Chartered Bank and his mother who was a restaurant manager, accusing them of arranging for their mother’s colleagues and tea customers. A total of 5 people opened in Standard Chartered Bank.


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Author: Zheng Qiuling

2021-02-25 15:14

The last update date: 2021-02-25 15:15

The Independent Commission Against Corruption yesterday (24) sued a customer development director of Standard Chartered Bank and his mother who was a restaurant manager for allegedly arranging their mother’s colleagues and tea customers to open payroll accounts in Standard Chartered Bank. Later, the mother and son transferred several sums of money without authorization, and the son was given an extra quarterly commission totaling 4,520 yuan, involved in conspiracy to defraud bank commissions.

The two defendants have been granted bail by the ICAC, pending their defense in the Eastern Magistracy tomorrow (26).

ICAC.

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The two defendants include: Lin Qifeng (30 years old), Director of the Customer Development Department of Standard Chartered Bank; and his mother Zhang Peijun (56 years old), the manager of the Jinyu Seafood Restaurant branch, were also charged with one count of conspiracy to defraud and violated the common law.

The ICAC received a corruption complaint earlier and revealed the suspected crime after investigation.

According to the case, Lin Qifeng was the head of the customer development department of Standard Chartered Bank at the time of the case and was stationed in a branch in Central to open accounts for customers.

If the customer uses the newly opened account to pay the salary, the relevant salary amount will be included in Lin Qifeng's performance to calculate his quarterly commission.

Lin Qifeng's mother Zhang Peijun is the branch manager of the Jinyu Central branch of the restaurant, responsible for handling the salary arrangements for frontline staff.

The restaurant does not require employees to open an account with a designated bank to withdraw salaries.

The charge alleges that Lin Qifeng and Zhang Peijun were suspected of conspiring to defraud Standard Chartered Bank from April 11 to December 18, 2017, dishonestly urging individuals to open accounts in the bank, and transferring funds to and from without authorization These accounts can be used to increase sales for calculating Lin Qifeng’s quarterly commissions.

The ICAC investigation found that four colleagues of Zhang Peijun and a tea customer from Jin Yu were reportedly prompted to open accounts with Standard Chartered Bank.

Without the authorization of the 5 account holders, several payments were transferred from Zhang Peijun's personal account to the 5 accounts, and then transferred out of the relevant accounts.

Lin Qifeng received an additional quarterly commission of RMB 4,520.

Standard Chartered Bank and Jinyu provided full assistance during the investigation.

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Source: hk1

All news articles on 2021-02-25

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