Monday, January 18, 2010

Man accused of laundering $500k 'a flight risk' - 13th January 2010

A man charged in connection with an alleged fraud syndicate has been deemed an unacceptable flight risk and refused bail.

Chinese national Zheng Tan, 30, has appeared in court charged with eight counts of laundering more than $500,000.

Police allege the Crows Nest resident is part of a larger syndicate which has been using cheques stolen from letter boxes to create false bank accounts and in turn, take out fraudulent loans.

Despite assurances to the court that the accused had ties to the local community and had no prior criminal record, the magistrate said there was a strong case against him which could receive a heavy custodial sentence and would be a disincentive to return to court.

Tan was deemed an unacceptable flight risk and was refused bail.

The case returns to court next month.