On January 22, 2025, the Independent Commission Against Corruption (ICAC) charged five individuals, including Li Kei-wing and siblings Michelle and Choi Wai-hang, with conspiracy to defraud and money laundering in a $6 million loan fraud under Hong Kong’s Special 100% Loan Guarantee (SLG) scheme. The charges followed an investigation revealing that the defendants submitted false payroll records to HSBC to secure loans, falsely claiming funds would be used for wages and operational costs. The fraudulent activities occurred between March and May 2021, and it was found that Superl Jade & Jewels, registered under Michelle, had no employees and was operated by her brother. All five were released on bail and are set to appear in court on January 24 for further proceedings.
Resources: https://www.icac.org.hk/en/p/press/index_id_2037.html
