Investigation of Embezzlement Case
On September 9, 2022, the Cyber Security and Technology Crime Bureau of the Hong Kong Police Force initiated an investigation into a case involving a significant embezzlement from a financial technology firm based in Singapore. It was reported that a 29-year-old male employee, stationed in the company’s Hong Kong office, had misappropriated an approximate total of 3.2 million units of virtual currency, which amounted to around 26 million Hong Kong dollars.
The Theft
According to findings from the investigation, this employee conducted the theft over a span of nine months, repeatedly siphoning off the virtual currency on 64 occasions from November 2021 through July 2022. The stolen assets were subsequently funneled into various electronic wallets across different trading platforms. Among these wallets were those controlled by a 29-year-old woman and a 26-year-old man.
Law Enforcement Action
Following the discovery of these activities, law enforcement acted swiftly, apprehending the employee along with the two alleged accomplices on September 9, under suspicion of both embezzlement and money laundering. The operation yielded substantial results, including the recovery of cryptocurrencies valued at approximately 8.6 million yuan, alongside cash and assets amounting to 4.65 million yuan.
Legal Proceedings and Sentencing
The arrested male employee was eventually charged with a single count of embezzlement and three counts related to money laundering. He entered a guilty plea in the High Court and, following his confirmation of guilt, received a prison sentence of 6 years and 6 months for his actions, culminating on October 15, 2022.
