The District Court has jailed a man for 48 months and a woman for 40 months after they were convicted of conspiracy to defraud nine local banks.

The Police learned in December 2006 of three companies allegedly involved in a fraudulent Letter of Credit. A Commercial Crime Bureau investigation revealed the man, aged 37, and woman, aged 29, had set up and were operating the companies.

The pair used forged documents, including invoices and cargo receipts, to defraud nine banks who issued 158 Letters of Credit worth a total of $360 million from June 27, 2006 to June 13, 2007 to purchase raw paper materials.

The pair transferred the funds between the three companies.

Police arrested them on June 25, 2007, and jointly charged them with one count of conspiracy to defraud.They were convicted and their sentences handed down today.