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JULIE CHU

Two businessmen who used fake documents to trick four banks including HSBC into lending them HK$400 million were jailed for 10 years yesterday.
Nanik Dayaram, 68, and his son, Mahesh Nanik Dayaram, 44, were convicted by a High Court jury of nine counts of conspiracy to defraud.
The pair used bogus invoices to apply for import and export loans from HSBC, Hang Seng Bank, Bank of Baroda and UCO Bank between March and September 2011.
Sentencing the pair, Mr Justice Andrew Chan Hing-wai said the net loss to the four banks was between HK$200 million and HK$250 million.
He said the jury's verdict showed its members believed Nanik Dayaram, as the leader of the operation, was "fully aware" of the scheme.
The judge said both the father and son - originally from India - would have "benefited hugely from the conspiracy".
The two accused said in mitigation that the conviction had brought shame to their family and ruined the family's reputation in the community.
"I have full sympathy for their family, but I also have a duty to perform," the judge said as he handed down the sentences.
But he also said that after taking into account the length of their sentences, he decided not to make an order disqualifying them from being company directors in future.
The court heard the father and son owned the companies Days Impex and Days International. In 2011, both firms submitted false sales invoices to various banks and led the banks to believe they had bought goods from Oscoda Electronics to persuade them to extend loans to pay for the items.
The money deposited into the accounts of Oscoda was transferred to Days Impex and Days International.
The loans were not fully repaid and the four banks together lost up to HK$250 million.


Father-son pair sentenced to 10 years in prison for cheating Hong Kong banks out of HK$400 million in loans

The pair said their conviction had shamed their family. Photo: Sam Tsang

The pair said their conviction had shamed their family. Photo: SCMP

Two more Hong Kong residents caught out by conmen posing as mainland Chinese officials

Victims have handed over millions. Photo: Bloomberg

News

Hong Kong

Law and Crime

A father and son were sentenced to 10 years in prison at Hong Kong's High Court this morning for using false invoices to cheat four banks out of more than HK$400 million in loans.
