In an update released on Oct 4, the Securities and Futures Commission (SFC) announced that they have charged a ramp-and-dump scheme core suspect who was arrested in Singapore and surrendered to Hong Kong.
Chan Sin Ying, a 33-year-old Hong Kong resident, was brought to court on Oct 4 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 Future Ordinance (SFO) and sections 159A and 159C of the Crimes Ordinance (Note 1).
Chan was suspected to have conspired with Stevens Yip Chi Fai, Lau Ka Wing, So Lung Ying and others in an alleged ramp-and-dump scheme involving shares in 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.
Chan left Hong Kong a day after SFC conducted a search operation on her residences on Nov 9, 2022 and was uncontactable since then. Upon application by SFC, an arrest warrant was issued against her and she was named in the Red Notice of the International Criminal Police Organisation (Interpol).
Upon further investigation, SFC found that Chan was in Singapore. The Singapore Police Force (SPF) arrested her on July 18 this year following an application of the Department of Justice of Hong Kong to the Attorney-General’s Chambers of Singapore. She was remanded in custody in Singapore and was surrendered to Hong Kong on Oct 3.
Chan’s bail application has been rejected by the court and she was ordered to be remanded in custody. The case has been adjourned to Oct 10 for bail review and Nov 8 for the application of case transfer to the District Court.
