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Ex-property agent jailed for 16 months and HK$1m ordered confiscated for HK$4.9m mortgage loan fraud

ICAC, 16-May-2023

In a sort of "time plus cash" deal, Mr Chiu Ka Wai can either pay HK$1.07m of "illicit gains" (presumably, rental income) or do an extra 25 months in jail. So the price of freedom is about HK$42.8k/month, minus costs of housing and food. His "serious" crime was to rent out a property bought with mortgage insurance on condition of self-occupancy. The insurer, HKMC, is ultimately owned by the Government. There is no allegation that the lender, HSBC and the insurer were not paid, presumably assisted by the rental income. Meanwhile, of course, Mr Chiu had to live somewhere else.




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