Fraud charge student’s $5K a day savings plan for $1.3M
The Daily Telegraph
Vincent King, boyfriend of Christine Lee, speaks to reporters outside Waverley court.THE accidental millionaire charged with illegally snatching more than $4.6 million after a Westpac banking error allegedly hid $1.3 million by shifting about $5000 a day into secret bank accounts around the country.
Christine Lee, now 21, who lived a life of luxury after discovering an unlimited overdraft had been grantedon her Westpac savings account two years ago, faces the prospect of fighting multimillion-dollar fraud charges while being locked away in immigration detention.
Police say Lee, a Malaysian national, blew $85,000 a week living in a luxury Rhodes penthouse and buying designer clothes and handbags after realising the overdraft had been granted in June 2014.
Christine Lee is accused of fraud, after going on a multi-million dollar spending spree. Picture: FacebookThe Saturday Telegraph can reveal police will allege that for nine months the 21-year-old biomedical engineering student hid $1.3 million of the overall sum by siphoning $33,000 a week into private accounts at banks with no affiliation to Westpac.
It is understood a large chunk of the other missing $3.3 million could have been moved overseas or already spent.
The secret transfers were just small enough to avoid raising red flags among chief bankers — until they noticed in April last year Lee had churned through $4.6 million.
The banking giant has been left red-faced and the error has sparked a major investigation to find the cause of the thenteenager’s unlimited credit line. Authorities were alerted that Lee was trying to fly to Malaysia when she ordered an emergency passport in March.
They issued a warrant for her arrest and set a trap for her at Sydney Airport at 8pm on Wednesday night.
A woman runs from court at Waverley after the Christine Lee hearing. Picture: John Grainger
To make matters worse, an immigration hold has been placed on the young woman, who is in Australia on a student visa. The Department of Immigration said it had launched an investigation into whether the woman’s visa should be cancelled, which would force her to fight the allegations from detention.
Officers have provisions to cancel the visa in situations of moral ambiguity. Because the facts of the case cast her character in a negative light, immigration officials confirmed her visa could be cancelled.
However they are concerned doing so would unfairly prejudice her fraud case.
Senior banking officials say the bungle was a “big, fat banking error” and admitted they were forced to track down more than $1.3 million Lee allegedly hid in multiple private accounts. Westpac confirmed $3.3 million was still missing, presumed spent, and are working to prevent the mistake from taking place again.
“We just had no idea it was happening,” the source said.
“It wasn’t enough money to register on our system and we have no idea how the bank error happened or even how long she had access to the money.”
Christine Lee told the court she was living in a prestigious sub-penthouse in Rhodes. Picture: Facebook
Her boyfriend, Sydney student Vincent King, said he had no idea his partner had access to “big money”.
He was yesterday granted permission to use his Chinese ID to grant Lee bail. Her mother is also believed to have flown to Sydney from Malaysia to support her daughter’s desperate bid for freedom.
Mr King this morning walked into Waverley Local Court wearing a surgical mask and holding several documents in a bid to prove his identity and get Lee released on bail.
It was unclear last night whether bail had been refused or whether Lee had been taken into custody by Australian immigration officers.
The Department of Immigration confirmed a hold had been issued against Lee.
At her first court appearance yesterday, Lee said she was living in a prestigious sub-penthouse on Rider Boulevard in Rhodes, which — according to property records — is rented at $780 a week.
However, Magistrate Lisa Stapleton disputed the elements of the police case against Lee at the Waverley Local Court.
Lee is expected to appear before the Downing Centre Court in June.
Legal Aid solicitor Fiona McCarron told the court police would find it difficult to prove Lee’s spending was illegal. Ms Stapleton agreed, saying: “She didn’t take it from them. They gave it to her.”
To make matters worse, an immigration hold has been placed on the young woman, who is in Australia on a student visa. The Department of Immigration said it had launched an investigation into whether the woman’s visa should be cancelled, which would force her to fight the allegations from detention.
Officers have provisions to cancel the visa in situations of moral ambiguity. Because the facts of the case cast her character in a negative light, immigration officials confirmed her visa could be cancelled.
However they are concerned doing so would unfairly prejudice her fraud case.
Senior banking officials say the bungle was a “big, fat banking error” and admitted they were forced to track down more than $1.3 million Lee allegedly hid in multiple private accounts. Westpac confirmed $3.3 million was still missing, presumed spent, and are working to prevent the mistake from taking place again.
“We just had no idea it was happening,” the source said.
“It wasn’t enough money to register on our system and we have no idea how the bank error happened or even how long she had access to the money.”
Christine Lee told the court she was living in a prestigious sub-penthouse in Rhodes. Picture: FacebookHer boyfriend, Sydney student Vincent King, said he had no idea his partner had access to “big money”.
He was yesterday granted permission to use his Chinese ID to grant Lee bail. Her mother is also believed to have flown to Sydney from Malaysia to support her daughter’s desperate bid for freedom.
Mr King this morning walked into Waverley Local Court wearing a surgical mask and holding several documents in a bid to prove his identity and get Lee released on bail.
It was unclear last night whether bail had been refused or whether Lee had been taken into custody by Australian immigration officers.
The Department of Immigration confirmed a hold had been issued against Lee.
At her first court appearance yesterday, Lee said she was living in a prestigious sub-penthouse on Rider Boulevard in Rhodes, which — according to property records — is rented at $780 a week.
However, Magistrate Lisa Stapleton disputed the elements of the police case against Lee at the Waverley Local Court.
Lee is expected to appear before the Downing Centre Court in June.
Legal Aid solicitor Fiona McCarron told the court police would find it difficult to prove Lee’s spending was illegal. Ms Stapleton agreed, saying: “She didn’t take it from them. They gave it to her.”
