An insurance agent, Wong Hin-ning, was sentenced to 14 months in prison and ordered to forfeit $700,000 in rental income after pleading guilty to fraud charges for concealing the leasing of a property to secure a mortgage loan of over $8 million from China CITIC Bank International Limited (CNCBI). Wong falsely declared the property would be owner-occupied to qualify for an 80% loan-to-value (LTV) mortgage, as required by banking regulations. Despite leasing the property from August 2020 to June 2022, she failed to inform the bank and even provided false occupancy confirmations when prompted. The court imposed the sentence after considering mitigating factors and warned of an additional 20-month imprisonment if the confiscation order is not fulfilled by December 16.
Resources: https://www.icac.org.hk/en/p/press/index_id_2021.html