Former HSBC clerk Jagmeet Channa, 25, was sentenced to seven and a half years for fraud and nine years for money laundering by a judge at Southwark Crown Court, reports Finextra
On 25 April, The City of London launched an investigation on Channa, from Ilford, after a suspiciously large negative negative figure was found by a bank member in Malaysia. Ilford sent two illegal deposits, one for EUR60 million from an HSBC trading account to Morocco just minutes before wiring a further EUR30 million to a branch of Barclays in Manchester. Channa had forgotten to make the account zero, which is how the error was found.