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Monday 23 May 2016

Bank Mistakenly Put $4.6 Million Into Student Account' - Allegedly Went On A Spending Spree That Wasn't Noticed

Christine Jia Xin Lee's shopping spree with $4.6 million mistaken overdraft
The shopping list of a Sydney student who allegedly went on a spending spree after she was accidently granted a $4.6 million overdraft by banking group Westpac has been revealed.
Malaysian student Christine Jia Xin Lee picked up designer handbags in every colour, snakeskin clutch bags, glittering jewellery and a Christian Dior outfit and they were just a fraction of the designer goods agents were confronted with when they arrived at her Sydney home.
Pictures tendered at the New South Wales Supreme Court show the items allegedly found in the chemical engineering student's Rhodes unit when bank lawyers and independent solicitors arrived there armed with a court order on April 15, 2015.


Christine Jia Xin Lee  is pictured with a Chanel cashmere cushion and designer handbags, including a YSL bag.


'There were a large number of handbags, items of clothing, shoes, shopping bags and boxes scattered on the floor ad on tables, chairs and a sofa around the room,' independent solicitor Cate Nagy said in an affidavit to the court.
Dior, Hermes and Chanel handbags - many accompanied by certificates of authenticity and stacked in the boxes they were bought in - were believed to be among the 24 items seized by investigators during the raid.

Over a number of hours lawyers sorted through the items, took pictures, stacked them into three suitcases and three Dior bags and drove them to a secure Westpac site in the city.
Other photo evidence shown to the court included shoes, designer sunglasses and a rose gold Cartier bracelet.

HOW DID CHRISTINE JIA XIN LEE SPEND THE MONEY?

  • A list of Ms Lee's purchases shows that the $4.6m was mostly spent on luxury items
  • The list shows she spent $1,350 on a Chanel cashmere pillow, almost $9,000 on a Cartier love bracelet and another $2,500 on a pair of Christian Louboutin boots.
  • She bought 13 Hermes designer scarves and a number of their handbags - which can cost up to $150,000.
  • The extensive list shows that on April 9, 2015, she spent $220,200 at the Christian Dior Sydney store, returning the next day to spend a further $94,520. 
On a single day she allegedly splurged $220,000 at the Christian Dior Shop in Sydney.
She also allegedly purchased a Hermes Himalayan Crocodile Birkin which retails for about $150,000.
Westpac has taken action against Ms Lee through the Supreme Court, which found a default judgment against her; and the Federal Circuit Court, which ordered her estate be sequestered. 
Ms Lee was arrested while trying to board a flight to Malaysia several weeks ago. 
Her parents live in the country and she owns a 3 bedroom condominium valued at approximately $100,000 there, she swore in an affidavit to the court.
When asked by a bank investigator where she thought her money had come from, Ms Lee said over the phone: 'I thought that the money was from my parents in Malaysia'.
The investigator asked: 'What have you spent the money on?'
Pictured: A Hermes handbag. Many of the bags seized were accompanied by certificates of authenticity and stacked in the boxes they were bought in
Pictured: A Hermes handbag. Many of the bags seized were accompanied by certificates of authenticity and stacked in the boxes they were bought in
Pictured: Hermes handbags including The Birken Bag (right) and The Kelly Bag (left) seized from Ms Lee's apartment in Rhodes
Pictured: Hermes handbags including The Birken Bag (right) and The Kelly Bag (left) seized from Ms Lee's apartment in Rhodes

'I bought clothes, shoes, lots of handbags,' Ms Lee replied.
The investigator then asked what type of stores she'd spent the money at, and Ms Lee replied: 'Christian Dior and other clothes shops'.
An investigator later asked if she had any of the money left.
'I have $4,000 in cash left,' she responded, according to a transcript of an interview tendered in court.
The investigator then told her she needed to repay the money back to the bank.
'My mother is coming over to visit me in June and will give the bank a cheque,' Ms Lee said.
The investigator then asked: 'Have you told your parents about this?'
'I have and they are not very happy with me,' she said according to the transcript.
She told investigators her parents owned a business in Malaysia.
The bank has recovered $1.15m Ms Lee allegedly transferred to PayPal account last year, however, the rest of the money is missing. 
The matter is expected to come before Waverley Local Court on Tuesday.


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