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Commercial Fraud and Asset Tracing Lawyers Hong Kong

Unfortunately, we live in a world where commercial fraud and scams are increasingly prevalent. The OLN Fraud and Asset Tracing team have considerable experience in handling matters involving such scams in relation to commercial fraud, theft, money laundering and other related crimes. 
 
Typically the perpetrators of such frauds do not leave the funds lying in the bank account to which they were first remitted for long. Accordingly, it is frequently necessary to take urgent action to freeze those accounts in order to preserve the funds and thereafter to trace the payment of those funds. The OLN team have substantial experience of preserving and recovering the proceeds of such frauds.

As with all matters, we aim to live up to our mantra of “Practical Legal Solutions – On Time – No Excuses”. With the experience that we have gained in handling a number of such cases, we have developed a library of useful precedents and templates which help us to move quickly and cost effectively to recover such misappropriated assets.

Commercial Fraud and Asset Tracing

Team Members

Our Services

Our Commercial Fraud and Asset Tracing Services include:

  • Asset tracing and disclosure orders
  • Chasing, freezing, and recovering stolen or misappropriated funds
  • Forensic investigation relating to fraud or commercial crime
  • Mareva or freezing injunctions

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    What should I do if I have been a victim of commercial fraud in Hong Kong? +

    If you believe you have been the victim of fraud, act immediately. Fraudulent funds can often be transferred through multiple bank accounts within hours.

    You should:

    • Report the matter to the Hong Kong Police as soon as possible
    • Notify your bank immediately
    • Preserve all evidence, including emails, messages, contracts, invoices and payment records
    • Seek legal advice on urgent asset recovery options

    Depending on the circumstances, it may be possible to freeze bank accounts, trace misappropriated funds and commence court proceedings to recover losses. Early action significantly improves the chances of recovery.

    Can stolen or misappropriated funds be recovered in Hong Kong? +

    Yes. Victims of fraud may be able to recover funds through civil court proceedings and asset tracing measures.

    Available remedies may include:

    • Freezing injunctions (Mareva injunctions) and Proprietary injunctions
    • Bankers Trust Orders/Bankers Books Orders
    • Norwich Pharmacal Orders
    • Restitution of the funds

    Recovery prospects depend on how quickly action is taken and whether the funds can be identified before they are dissipated.

    What is a Mareva injunction? +

    A Mareva injunction, also known as a freezing injunction, is a court order that prevents a person from disposing of or transferring assets before a judgment is obtained.

    The purpose is to ensure that assets remain available to satisfy a future court’s favourable judgment. Mareva injunctions are commonly used in fraud cases where there is evidence of fraud and that assets may be moved or concealed.

    In appropriate cases, the order can apply to assets in Hong Kong or worldwide.

    How quickly can a Mareva injunction be obtained in Hong Kong? +

    In urgent fraud cases, a Mareva injunction can sometimes be obtained within hours.

    Applications are often made without notice to the defendant to prevent assets from being moved before the order is granted. The court will consider factors such as the strength of the claim and the risk of asset dissipation.

    What is a Bankers Trust Order/Bankers Books Order? +

    A Bankers Trust Order/Bankers Books Order is a court order requiring a bank to disclose information about bank accounts and transactions.

    It is commonly used in fraud and cybercrime cases to help victims trace stolen funds, identify the recipients of payments and locate assets for recovery.

    Bankers Trust Orders/Bankers Books Orders are often obtained at an early stage of a fraud investigation and may be used together with freezing injunctions.

    What is a Norwich Pharmacal Order? +

    A Norwich Pharmacal Order is a disclosure order that compels an innocent third party, such as a bank, cryptocurrency exchange, internet service provider or payment platform, to provide information about wrongdoing before commencing court action to cover the dissipated fund.

    These orders are often used to identify unknown fraudsters, trace assets and obtain evidence needed to commence legal proceedings.

    Can fraudulently transferred funds be recovered if they have been moved overseas? +

    Potentially, yes. Hong Kong courts regularly deal with cross-border fraud cases involving assets located in multiple jurisdictions. Recovery may involve:

    • Worldwide freezing injunctions
    • Disclosure orders against banks and third parties
    • Cooperation with foreign lawyers, regulators and law enforcement agencies

    The sooner the action is taken, the greater the likelihood of preserving assets before they are transferred again.

    What is the difference between civil fraud and criminal fraud proceedings? +

    Civil fraud proceedings are brought by the victim to recover losses or obtain compensation.

    Criminal fraud proceedings are brought by the government to punish offenders and may result in fines or imprisonment.

    Importantly, a criminal conviction does not automatically compensate the victim. In many cases, victims need to pursue separate civil proceedings to recover their losses. Civil and criminal proceedings can sometimes run in parallel.

    What should I do if I suspect money laundering? +

    If you know or suspect that any funds or property represent the proceeds of drug trafficking, an indictable offence, or terrorist property, you may have legal reporting obligations and should consider making a suspicious transaction report to the JFIU as soon as reasonably practicable. If you are acting within an organisation such as specified financial institutions, follow its internal MLRO/compliance reporting procedure immediately and avoid tipping off the customer or other relevant persons.