The District Court has jailed a 25-year-old man five years for possessing counterfeit credit cards that had been fraudulently used, involving losses of $780,000.

He pleaded guilty to two counts of using and two counts of possessing a false instrument, and one count of holding equipment for making a false instrument.

Police raided a flat in Camp Street, Shek Kip Mei, on September 22 and arrested the man following the seizure of 27 counterfeit credit cards, 304 sets of credit card account numbers and equipment for making the cards.

Seventy-nine sets of account numbers had been fraudulently used in Hong Kong and overseas. It is estimated that the operation has prevented a potential loss of $6.7 million.