Feeds

Inside man in failed £72m electronic heist jailed

Former HSBC clerk gets nine years

The essential guide to IT transformation

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." ®

Next gen security for virtualised datacentres

More from The Register

next story
e-Borders fiasco: Brits stung for £224m after US IT giant sues UK govt
Defeat to Raytheon branded 'catastrophic result'
Germany 'accidentally' snooped on John Kerry and Hillary Clinton
Dragnet surveillance picks up EVERYTHING, USA, m'kay?
Snowden on NSA's MonsterMind TERROR: It may trigger cyberwar
Plus: Syria's internet going down? That was a US cock-up
Who needs hackers? 'Password1' opens a third of all biz doors
GPU-powered pen test yields more bad news about defences and passwords
Think crypto hides you from spooks on Facebook? THINK AGAIN
Traffic fingerprints reveal all, say boffins
Rupert Murdoch says Google is worse than the NSA
Mr Burns vs. The Chocolate Factory, round three!
Microsoft cries UNINSTALL in the wake of Blue Screens of Death™
Cache crash causes contained choloric calamity
prev story

Whitepapers

5 things you didn’t know about cloud backup
IT departments are embracing cloud backup, but there’s a lot you need to know before choosing a service provider. Learn all the critical things you need to know.
Implementing global e-invoicing with guaranteed legal certainty
Explaining the role local tax compliance plays in successful supply chain management and e-business and how leading global brands are addressing this.
Build a business case: developing custom apps
Learn how to maximize the value of custom applications by accelerating and simplifying their development.
Rethinking backup and recovery in the modern data center
Combining intelligence, operational analytics, and automation to enable efficient, data-driven IT organizations using the HP ABR approach.
Next gen security for virtualised datacentres
Legacy security solutions are inefficient due to the architectural differences between physical and virtual environments.