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Fugitive ramp-and-dump core suspect arrested in Singapore and surrendered to Hong Kong to face securities fraud charge

Issue date: 2024-10-04 16:35:00

The Securities and Futures Commission (SFC) is forging ahead with its enforcement actions against ramp-and-dump schemes with another suspected core member of a highly sophisticated syndicate being charged after she was surrendered to Hong Kong following her arrest in Singapore.

Ms Chan Sin Ying, a 33-year-old Hong Kong resident, was brought to the Eastern Magistrates’ Courts today and charged with the offence of conspiracy to employ a scheme with intent to defraud or deceive in transactions involving securities under section 300 of the Securities and Futures Ordinance (SFO) and sections 159A and 159C of the Crimes Ordinance (Note 1).

Chan was suspected to have conspired with Mr Stevens Yip Chi Fai, Mr Lau Ka Wing, Ms So Lung Ying and other persons in an alleged ramp-and-dump scheme involving the shares of Wan Cheng Metal Packaging Company Limited. Yip, Lau and So were previously charged with the same offence as Chan and the proceedings against them are ongoing in the District Court (Note 2).

Chan left Hong Kong one day after the SFC conducted a search operation at her residence on 9 November 2022 and has become uncontactable since then. Upon the application by the SFC, a magistrate issued an arrest warrant against her. She was also named in the Red Notice of the International Criminal Police Organization (INTERPOL).

After further investigation, the SFC discovered that Chan was in Singapore. The Singapore Police Force arrested her on 18 July 2024 upon the application of the Department of Justice of Hong Kong to the Attorney-General’s Chambers of Singapore. She was remanded in custody by a Court in Singapore and was surrendered to Hong Kong yesterday.

This is the first time the SFC has sought the assistance from other relevant authorities in naming a fugitive offender on the INTERPOL Red Notice and surrendering a fugitive offender wanted for prosecution for an offence under the SFO (Note 3).

Chan was surrendered from Singapore to Hong Kong yesterday. No plea was taken at today’s Court hearing. Chan’s bail application was rejected by the Court and she was ordered to be remanded in custody. The case was adjourned to 10 October 2024 for bail review and 8 November 2024 for the application of case transfer to the District Court.

The SFC’s Executive Director of Enforcement, Mr Christopher Wilson, said: “This case underscores our abiding commitment to crack down on financial crimes harming Hong Kong’s capital market and pursue perpetrators to hold them accountable for their misconduct, no matter where they are. We will continue working closely with our local and international counterparts to tackle fraudulent schemes and bring suspected wrongdoers to justice. Investors can be assured that we will use all legal powers at our disposal to protect the integrity of Hong Kong’s financial markets”.

The SFC would like to thank the Department of Justice of Hong Kong, the Hong Kong Police Force, the International Criminal Police Organization, the Attorney-General’s Chambers of Singapore, the Monetary Authority of Singapore and the Singapore Police Force for their assistance in this case.

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Notes:

1. A person who commits an offence under section 300 of the SFO is liable on conviction on indictment to a fine of $10,000,000 and to imprisonment for 10 years.
2. Please see the SFC’s press releases dated 3 August 2023, 29 January 2024, 8 February 2024, 27 February 2024 and 25 April 2024.
3. The application was made under the Fugitive Offenders (Singapore) Order, Chapter 503Q of the Laws of Hong Kong.

News captured as of:2024-10-04 16:35:00

Source: SFC