Hong Kong policeman who admitted defrauding force’s credit union over HK$450,000 in loans told to expect jail term
- Eastern Court hears Li Hung-fat falsely stated he had no outstanding loans when he sought to borrow money from Hong Kong Police Credit Union
- Principal Magistrate Bina Chainrai tells him that immediate imprisonment is ‘very likely’; officer will be sentenced on February 9
A Hong Kong police sergeant who admitted to defrauding the force’s credit union over HK$450,000 (US$58,000) in loans and placing bets with an illegal bookmaker on local horse races was told to expect a jail term, as a magistrate remanded him behind bars on Tuesday ahead of sentencing.
Eastern Court heard that Li Hung-fat falsely stated he had no outstanding loans with banks or other financial institutions when he sought to borrow money from the Hong Kong Police Credit Union on three occasions between June 2016 and June 2019. Li had allegedly concealed that he had debts of more than HK$1 million.
Li’s lawyer said the 51-year-old also placed illegal bets on horse races on March 11 and 18 last year as a way to relieve work and family-related stress.
While keeping an open mind on imposing a community service order, Principal Magistrate Bina Chainrai told Li that immediate imprisonment was “very likely”. The officer will be sentenced on February 9.
Established in 1982, the credit union aims to promote financial management among the force’s members, allowing them to save money on a regular basis and earn dividends in return. It also offers officers a variety of loan schemes at relatively low interest rates.