A former China Construction Bank (Asia) manager in Hong Kong was sentenced to four years in prison and ordered to repay over $470,000 in cryptocurrency bribes after falsifying letters of credit worth more than $1.
Lam Chun-yin, a 32‑year‑old former customer relationship manager at China Construction Bank (Asia), was sentenced by Hong Kong’s District Court to four years’ imprisonment for falsely authenticating letters of credit totalling over $1.6 billion and for accepting cryptocurrency bribes valued at more than $470,000. The judge, Ernest Lin Kam‑hung, emphasized the need for deterrent sentences even for first‑time offenders, noting the grave nature of the crime and its impact on society and Hong Kong’s reputation as a global financial hub.
Lam had previously pleaded guilty, and the court ordered him to make restitution of the cryptocurrency proceeds. Hong Kong’s anti‑graft agency, the ICAC, has obtained warrants to arrest additional individuals linked to the scheme.
The article provides limited additional detail on the broader investigation or the identities of others targeted by the warrants, and no further information on the case’s outcomes beyond Lam’s sentencing.