Feeds

Inside man in failed £72m electronic heist jailed

Former HSBC clerk gets nine years

Choosing a cloud hosting partner with confidence

A former HSBC worker who tried to steal £72m ($141m) from the bank through an audacious electronic heist has been jailed for nine years.

Jagmeet Channa, of Church Road, Ilford, was sentenced to 90 months for conspiracy to defraud and nine years for money laundering at a sentencing at Southwark Crown Court on Monday, after earlier pleading guilty to a key role in the attempted multi-million pound computer scam. Both sentences will be served concurrently. A charge of fraud by abuse of position was allowed to rest on file.

The 25-year-old used stolen log-in credentials to transfer €90m euros from HSBC to accounts held with Barclays Bank in Manchester (€30m) and in Morocco (€60m). But the fraud was quickly spotted by HSBC workers in Malaysia after Channa left the account he raided with a huge negative balance.

Two of Channa's colleagues at the firm's headquarters at London's Canary Wharf were questioned over the use of their identities to make and approve the transactions. Both were quickly eliminated from inquiries. A review of CCTV footage and other inquiries led officers from the City of London Police’s Economic Crime Department to arrest Channa in April.

Investigators reckon Channa was the inside man in one of the largest electronic frauds ever attempted. So far no other arrests have been made. Prompt action meant that the accounts were quickly frozen and money retrieved before crooks were able to access the accounts.

The BBC reports that in sentencing Channa at Southwark Crown Court, Judge Geoffrey Rivlin said: "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." ®

Internet Security Threat Report 2014

More from The Register

next story
FYI: OS X Yosemite's Spotlight tells Apple EVERYTHING you're looking for
It's on by default – didn't you read the small print?
Russian hackers exploit 'Sandworm' bug 'to spy on NATO, EU PCs'
Fix imminent from Microsoft for Vista, Server 2008, other stuff
Edward who? GCHQ boss dodges Snowden topic during last speech
UK spies would rather 'walk' than do 'mass surveillance'
Microsoft pulls another dodgy patch
Redmond makes a hash of hashing add-on
NOT OK GOOGLE: Android images can conceal code
It's been fixed, but hordes won't have applied the upgrade
'LulzSec leader Aush0k' found to be naughty boy not worthy of jail
15 months home detention leaves egg on feds' faces as they grab for more power
China is ALREADY spying on Apple iCloud users, claims watchdog
Attack harvests users' info at iPhone 6 launch
prev story

Whitepapers

Forging a new future with identity relationship management
Learn about ForgeRock's next generation IRM platform and how it is designed to empower CEOS's and enterprises to engage with consumers.
Why and how to choose the right cloud vendor
The benefits of cloud-based storage in your processes. Eliminate onsite, disk-based backup and archiving in favor of cloud-based data protection.
Three 1TB solid state scorchers up for grabs
Big SSDs can be expensive but think big and think free because you could be the lucky winner of one of three 1TB Samsung SSD 840 EVO drives that we’re giving away worth over £300 apiece.
Reg Reader Research: SaaS based Email and Office Productivity Tools
Read this Reg reader report which provides advice and guidance for SMBs towards the use of SaaS based email and Office productivity tools.
Security for virtualized datacentres
Legacy security solutions are inefficient due to the architectural differences between physical and virtual environments.