Former Wang Fuk Court committee member and wife arrested in fraud probe

A married couple, including a former member of Wang Fuk Court owners' corporation, has been arrested for allegedly defrauding a government-backed loan scheme of hundreds of thousands of dollars and laundering the proceeds.

The arrests involve a man and a woman who serve as directors of an engineering firm. 

They are currently facing allegations of conspiracy to defraud and money laundering. Sources close to the investigation have identified the suspects as Kong Cheung-fat, a former committee member of the Wang Fuk Court owners' corporation, and his wife.

The case centers on two separate applications made for the Dedicated 100% Loan Guarantee Scheme during 2022.

It is alleged that the husband provided falsified operating income figures for his company to trick banks into approving the low-interest loans. 

Once the funds were disbursed, the majority of the money was reportedly withdrawn as cash, while another portion was transferred directly into the man’s personal bank account.

Police continue to investigate the movement of the illicit funds as part of a broader crackdown on those who exploited the pandemic-era financial relief measures.

The suspects remain in custody as authorities look into whether any other individuals were involved in the fraudulent applications.

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