Canary Wharf banker jailed for £72m conspiracy

By Rob Virtue on July 8, 2008 2:56 PM |

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A WHARF-based banker who tried to steal £72million from HSBC has been jailed for nine years.

Jagmeet Channa, 25, worked at the company’s headquarters at 8 Canada Square, Canary Wharf, and used his colleagues’ names to raid accounts.

Southwark Crown Court was told Channa sent 90m euros (worth £71million) to two accounts in a short space of time in April this year.

Police believe he was the inside man in one of the largest conspiracies of its kind.

In what was described as “an audacious and outrageous” crime, Channa sent 60m euros (£47million) to Casablanca, Morocco, and 30m euros (£24million) to a branch of Barclays in Manchester.

The debit was discovered by HSBC in Malaysia and two of Channa’s colleagues, whose passwords had been used, were questioned before being released.

Barclays in Manchester and the bank in Casablanca were contacted, the accounts frozen and the money returned. CCTV footage helped investigators expose Channa who later admitted conspiracy to defraud and a charge of money laundering.

Judge Geoffrey Rivlin QC told Channa, of Church Road, Ilford: “This was no silly prank. This was a carefully planned and very serious attempt to transfer a fortune in money away, and it almost succeeded.

“Others were involved, perhaps several others, and in the absence of any explanation from you I must assume this was a planned and sophisticated criminal enterprise.”