Chinese National, Baobo Xu who was charged by members of the Financial Intelligence Unit (FIU) for fraud and money laundering has been fined for he offences by the Chief Magistrate.
Xu appeared before Her Honour, Tamara Gill last week Monday at the St. George’s No.1 Magistrate’s Court and entered guilty pleas for both charges.
He was charged with defrauding persons sometime between October 24th and November 4th the sum of $Bds 1,000, and EC $6,000 by false pretense.
He was also charged for committing money laundering at Grand Anse, St. George’s by processing the sum of US $5,000.00 some time between October 24th and November 4th.
The court was told that on November 7th, members of the FIU with the assistance of a Chinese Interpreter executed a search warrant on the Chinese National who came to Grenada on November 1st.
Xu was residing at Allamanda Beach Resort in Grand Anse, St. George’s when the lawmen swooped down on him.
Prior to that, he was staying at the Chinese Hotel in Woodlands, St. George’s.
Before coming to Grenada Xu spent some time in Barbados.
The FIU took away from Xu’s hotel room a computer, magnetic strip card reader, 16 readable magnetic strip cards, one wireless router, three digital cards, one external hard drive, US$3,600.12, EC$5,181.50, $Bds552.00, and 441 Yuan.
Head of the Police Prosecution Team, Assistant Superintendent of Police (ASP) Godfrey Victor told the court that 27 questions were asked of Xu by the FIU during the course of interrogating him.
The FIU was informed that Xu withdrew the Eastern Caribbean Dollars from an ATM, while the United States Dollars were given to him by a friend in China who sponsored the trip, and to pay for his meals and accommodation.
It is understood that the “friend” in China who sent him out on the mission promised that upon his return home, he would get as a commission 20 percent of the money he would have managed to obtain in the fraudulent acts.
Xu retained the services of local attorney-at-law, Francis Paul to represent his interest in the case.
In handing down sentence, the Chief Magistrate fined the Chinese National $20,000 for the charge of money laundering, and $10,000 for fraud to be paid forthwith.
Attorney Paul reminded the Magistrate that his client did not waste the court’s time and that since his first appearance three weeks ago, he was prepared to plead guilty of the charges but did not fully understand the elements of the charge of money laundering.
Paul said Xu who is extremely remorseful for his action does not want to return to the Richmond Hill Prisons or to any other prison facility.
The convicted Chinese National has been identified as a 50-year old small businessman who has two children.
Xu managed to meet the deadline for paying the fine – $20,000 on the charge of money laundering, and $10,000 on the charge of fraud.
The Chinese was put into the hands of the Immigration as he was ordered by the court to leave the country.
This newspaper understands that Xu should have been put on a flight yesterday (Thursday).