Police probe 70 mln stg fraud at HSBC
May 1st, 2008 | by admin |LONDON, May 1 (Reuters) - Police are investigating analleged attempted fraud at Britain’s biggest bank, HSBC Holdings(HSBA.L: Quote, Profile, Research), the bank said on Thursday, which is estimated toinvolve about 70 million pounds ($139 million).
HSBC said no customer funds were involved and that no moneyhad been lost. The investigation is believed to have beenprompted after HSBC systems uncovered unusual activity in itsthird-party securities settlement unit.
An HSBC spokesman said the bank was cooperating with apolice investigation “into an alleged fraud at the bank”, but itcould not comment further as the matter was now before thecourts.
City of London police said Jagmeet Channa, 25, was chargedwith conspiracy to defraud, money laundering and abusing aposition of trust on April 25. He has been remanded in custodyuntil June 25, when he will appear at Southwark Crown Court.
Three other men are on police bail in connection with theinvestigation. (Reporting by Steve Slater; Editing by Quentin Bryar)
