Hong Kong merchant accused of US$14.5 million scam granted bail after brother implicated in case dies from eighth floor fall
Mango Wong third person charged in case where suspects are accused of conning unnamed businessman
A Hong Kong merchant accused of conspiring with his brother in a 100 million yuan (US$14.5 million) investment scam was granted bail by a court on Friday, two days after the brother died hours after his release on a million-dollar bail.
The younger Wong was the third person charged with conspiracy to defraud, in connection with an alleged scam that led to eight arrests on Monday.
As in the previous two cases, prosecutors opposed releasing Mango Wong on bail, but the objection was again overruled by acting Principal Magistrate Ada Yim Shun-yee.
Wong was released on HK$500,000 cash bail and HK$300,000 surety, with the condition he report to police daily, surrender his travel documents and live in his reported address.
He was also reminded not to have any contact with prosecution witnesses.
The court heard the defendant was accused of conspiring with his brother, clerk Wong Wai-kit, and unnamed others to defraud a man, identified only as X in court documents, into paying 88,000 yuan and HK$880,000 as consultancy fees to Excellent Profit Inc.
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Prosecutors alleged they dishonestly represented the company as a financial consultancy firm capable of compiling consultant reports for financing purposes.
They were further said to have dishonestly claimed that a loan of 100 million yuan would be arranged for X’s investment project on the mainland, based on the consultant report compiled by the company.
The alleged offence took place between September last year and February.
No plea was taken.
The case will return to the same court for mention on November 7, pending a further investigation.
Conspiracy to defraud is punishable by 14 years in prison.
